If the United Auto Workers successfully negotiates a wage that is higher than the competitive wage,
a. there is no excess supply of labor because everyone who wants to work at the union wage can get a job
b. there is no excess demand for labor because everyone who wants to work at the union wage can get a job
c. the union must ration the available jobs
d. all workers are better off
e. more workers are employed than at the competitive wage
C
Economics
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The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?
A. +32.0% B. +0.32% C.-3.2% D. +3.2%
Economics
When a tariff is imposed on a good, the ________ increases
A) domestic quantity purchased B) domestic quantity produced C) quantity imported D) quantity exported E) world price
Economics