Unions can ration the excess supply of labor generated by the establishment of a wage that is above the competitive wage by
A) lengthening the time period for apprenticeship programs.
B) lowering union dues.
C) encouraging older workers to take early retirement.
D) having more intensive membership drives to ensure a larger proportion of workers are covered by the union contract.
A
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Suppose the demand for hot dogs decreases. In the short run, firms that produce hot dogs will experience a fall in prices, which will induce them to
A) decrease production and reduce the number of workers. B) decrease production and increase the number of workers. C) increase production and reduce the number of workers. D) increase production and increase the number of workers.
Large scale family farms represent about 10% of all farms and produce:
a. Over half of the value of farm production b. About 10% of the value of production c. Less than 10% of the value of production d. About 20% of the value of production