The U.S. has one of the highest unionization rates of all the industrialized countries around the world

Refer to Table 4-7. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)?

A) W* = $10.50; Q* = 1,180,000 B) W* = $10.50; Q* = 590,000 C) W* = $9.50; Q* = 570,000 D) W* = $11.50; Q* = 570,000

Wealthy professors are more likely to shop at high end stores with shorter wait times at the cashier than poor students because

a. They value the item more than the student b. They like wasting money c. The opportunity cost of waiting in a cashier line is higher for professors than for undergraduate students d. They like to show off