Because the price level does not affect the long-run determinants of real GDP, the long-run aggregate-supply curve is upward-sloping.

How would the following factors affect equilibrium in the market for labor?

a. An increase in the demand for the product that a firm is producing b. The use of a new technology that halves the time that workers will take to produce a good c. An increase in the age when people begin to receive Social Security benefits.

If a union succeeds in increasing the wage rate by restricting labor supply, then

A) all of its members will be better off. B) some members may lose their jobs. C) all of its members will be worse off. D) more of its members will be employed.