Collective bargaining refers to
a. the process by which the government sets exemptions from the minimum wage law.
b. setting the same wage for all employees to prevent conflict among workers.
c. firms colluding to set the wages of employees below equilibrium.
d. the process by which unions and firms agree on the terms of employment.
d
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Who from among the following would be counted as unemployed?
A. A person who is willing to work but has not looked for a job in two months. B. A person with a part-time job who wants and is looking for a full-time job. C. A person who is willing to work and has looked for a job in the last week. D. All of these people would be counted as unemployed.
Let Qd = 10 - 2P and Qs = 3P be the demand and supply curves for Beer. The equilibrium combination (P* and Q*) in the market is ________.
A. P* = 5; Q* = 0 B. P* = 2; Q* = 5 C. P* = 2; Q* = 6 D. P* = 6; Q* = 2