An example of an explicit cost would be the wages that a business owner pays her employees

In order to change the demand for union labor, unions favor all of the following EXCEPT increasing

A) the minimum wage. B) import restrictions. C) immigration. D) job training for members.

Because skills are costly to obtain, at a given wage rate, the

A) quantity demanded of high-skilled labor is less than the quantity demanded of low-skilled labor. B) quantity demanded of high-skilled labor is greater than the quantity demanded of low-skilled labor. C) quantity supplied of high-skilled labor is less than the quantity supplied of low-skilled labor. D) quantity supplied of high-skilled labor is greater than the quantity supplier of low-skilled labor.