When a union successfully raises the wages of its members, it will also
a. increase total productivity, which must rise in proportion to the wage rate.
b. encourage employers to find a substitute for the union labor.
c. raise the wages of nonunion workers.
d. increase the share of income allocated to labor as opposed to capital.
B
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There is no opportunity cost of obtaining
A) a free good. B) a scarce good. C) any good a person acquires, as long as they value it highly enough. D) any good a person acquires, as long a they think it is worth the effort.
A market with four firms in competition with each other has a equilibrium price of $6 and equilibrium quantity of 100,000. If the four firms form a cartel, the cartel, set price will be ________ than $6 and the set quantity will be ________ than 100,000.
A) greater; less B) less; greater C) greater; greater D) less; less