If the sellers of labor in a competitive market decided to unionize, ceteris paribus, then wages would
A. Rise and employment would fall.
B. Rise and employment would rise.
C. Fall and employment would rise.
D. Fall and employment would fall.
Answer: A
Economics
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In a market system, the task of assessing and managing the business risk of a firm is taken on by the firm's:
A. Labor B. Capital suppliers C. Entrepreneurs D. Customers
Economics
Number of workersUnits of output00110230344455Table 8.1Refer to Table 8.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. Diminishing marginal returns set in with the addition of the:
A. third worker. B. fourth worker. C. fifth worker. D. sixth worker.
Economics