Which of the following will limit the ability of a union to push the wages of its members much above competitive levels?
a. the presence of nonunion firms that produce the same product as the unionized labor
b. foreign competition in the market for the product produced by the unionized labor
c. a highly elastic demand for the product supplied by the unionized labor
d. all of the above
D
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Positive analysis of economic policy
A) examines the economic consequences of policies but does not address the question of whether those consequences are desirable. B) examines the economic consequences of policies and addresses the question of whether those consequences are desirable. C) generates less agreement among economists than normative analysis. D) is rare in questions of economic policy.
If an exhaustible resource is scarce, has constant marginal cost over time, and is sold in a competitive market, then
A) its price increases over time. B) its price will not be a function of the interest rate. C) its price moves independently of past prices. D) its price equals marginal cost.