What is the opportunity cost of 1 ton of oranges for the nations of Argentina and Brazil, respectively?
A. .25 ton of apples and .5 ton of apples
B. 10 tons of apples and 4 tons of apples
C. .5 ton of apples and .25 ton of apples
D. 4 tons of apples and 2 tons of apples
C. .5 ton of apples and .25 ton of apples
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Suppose a union successfully negotiates for its members a wage rate that is above the competitive wage rate, then
A) there will be a surplus of jobs. B) antitrust laws become effective. C) there will be downward pressure on the wage rate until equilibrium is established. D) there will be an excess supply of labor.
Suppose the goal of a union is to maximize the total income of all workers it represents. In this case it will probably aim for a wage at which the elasticity of demand for workers is
a. 0. b. infinite. c. 1. d. ranging from 2 to 5.