A craft union attempts to increase wage rates by:
A. equating the MRP and the MRC curves.
B. shifting the labor supply curve to the left.
C. shifting the labor supply curve to the right.
D. shifting the MRP curve to the right.
Answer: B
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Since the demand for labor depends upon the demand for the final product, we say that labor is
A) a derived demand. B) an "inverse" demand. C) a positive demand. D) a reverse demand.
Why do corporations want to keep the price of their stock high?
A) A higher stock price increases the funds the firm can raise when it sells a given amount of stock. B) Corporations can pay their managers lower salaries and avoid principal-agent problems when stock prices are higher. C) Higher stock prices are correlated with lower expected profitability. D) All of the above provide incentive for corporations to keep the price of their stock high.