What is being depicted in this graph showing the union sector?
a. By restricting membership, a union can limit supply and raise wages.
b. When a union lowers quantity from Q 1 to Q 2 , wages also move lower.
c. By keeping salaries below S 1 , the union restricts the number of workers.
d. Collective bargaining improves union wages, quality, and salaries.
a. By restricting membership, a union can limit supply and raise wages.
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The imposition of a quota ________ domestic production, ________ imports, and ________ domestic purchases
A) decreases; increases; decreases B) increases; decreases; increases C) increases; decreases; decreases D) decreases; decreases; decreases E) increases; increases; increases
Suppose oil prices fall temporarily, as oil becomes more plentiful. What impact is this likely to have on the production function, the marginal products of labor and capital, labor demand, employment, and the real wage?
What will be an ideal response?