Which of the following is likely to cause an increase in both the wage rate and the level of employment in an industry?
A) A left shift in the supply curve for labor, without any change in the demand curve for labor
B) A left shift in the demand curve for labor, without any change in the supply curve for labor
C) A right shift in the supply curve for labor, without any change in the demand curve for labor
D) A right shift in the demand curve for labor, without any change in the supply curve for labor
D
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Hiring Tech Support Collin County Community College (CCCC) has an ongoing problem that the electronic equipment in their classrooms and computer labs keeps malfunctioning and the repairs that are made seem to cause problems with some other aspect of the
equipment. Due to its bureaucratic structure, CCCC has a hiring preference for their own students and it is only allowed to pay $15 per hour when the going rate is closer to $18 per hour. How does this contribute to CCCC's equipment problems?
Answer the following questions true (T) or false (F)
1. A prisoner's dilemma leads to a noncooperative equilibrium. 2. A member of a cartel earns more profits by producing more than its quota and selling at a price higher than the cartel's price. 3. Collusion is common in oligopoly and monopolistically competitive industries.