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.
D
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Which of the following statements about agriculture in the U.S. is correct?
a. Technological improvements typically increase both supply and revenue for individual farmers. b. Technological improvements that increased supply, coupled with inelastic demand for foodstuffs, explain why the number of farmers has decreased dramatically over the last century. c. Because technological improvements increase the supply of a product for which demand is inelastic, an individual farmer would be better off not adopting the new technology. d. All of the above are correct.
Assume that two firms in an oligopoly market are unable to collude. Once the Nash Equilibrium is reached a. it is always possible for one firm to increase its profits by producing more output. b. the two firms are jointly earning monopoly profit
c. neither firm is able to improve its outcome on its own. d. the outcome is equivalent to a competitive equilibrium.