Unions can increase their wage rates by
a. all of the following
b. decreasing the supply of labor
c. using the threat of a strike
d. increasing the proportion of union workers in the industry
e. increasing the demand for the product they produce and, therefore, the demand for their labor services
A
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Refer to Figure 18.2. After trade and specialization begin, the maximum amount of fishing poles that Macadamia can consume is
A) 40. B) 100. C) 120. D) 160.
Which of the following is true of perfectly competitive firms? a. It is difficult for entrepreneurs to become suppliers of a product in a perfectly competitive market structure. b. A perfectly competitive firm has a perfectly elastic supply curve
c. In a perfectly competitive market, an individual seller can change his price and it will not alter the output he sells. d. None of the above are true.