When a union raises the wage above the equilibrium level, it reduces the quantity of labor supplied and raises the quantity of labor demanded, resulting in unemployment

The income elasticity of demand is the percentage change in the ________ divided by the percentage change in ________

A) quantity demanded; the price of a substitute or complement B) quantity supplied; price C) quantity demanded; price D) quantity demanded; income E) quantity demanded when income changes; the quantity supplied

Economic rents are useful because

A) they increase the income of the owner. B) they make it easy to calculate opportunity cost. C) resources will go to their most efficient use. D) they increase tax revenue.