There are not enough of four goods to satisfy the wants of people. For good A, this is true when the price is $100. This is true for good B at a price of $10, for good C at a price of $1, and for good D at a price of zero

To reduce labor surplus above the equilibrium union wage level, a union may do all of the following EXCEPT

A) lengthen apprenticeship period. B) assign jobs based on seniority. C) limit the number of new members accepted. D) encourage nonunion members to join the union.

An increase in the supply of labor will, everything else equal,

a. increase the full-employment level of output b. decrease the full-employment level of output c. move the economy from a recession toward full employment d. reduce total employment e. have no impact on total employment