To compare the real price of gas in 1975 to the real price in 2013, we need to know
A) the two prices in both years and the inflation rate in 2013.
B) just the two nominal prices in both years.
C) the two prices in both years and the two interest rates in both years.
D) the two prices in both years and the CPI in both years.
E) the two prices in both years and the two inflation rates in both years.
D
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If clerical workers in your state voted to have a union represent them in negotiations with employers, they would have monopoly power in wage determination
Employers would be in no position to exert monopsony power in their employment of clerks in this market due to the large number of employers in the market. Labor supply is given by LS = 50W - 100 (or, equivalently W = LS/50 + 2 ) Labor demand is given by LD = 700 - 25W (or, equivalently W = -LD/25 + 28 ) a. What is the equation for marginal revenue? b. Using the supply and demand equations, compute the wage rate and number of workers that would be hired when there is no union representation. c. Using the supply and demand equations, compute the wage rate and number of workers hired when the union represents workers and acts to maximize aggregate wages to all workers hired. d. Explain the impact of (c) on the competitive market.
When demand is perfectly inelastic, an increase in price will
A) leave total revenue unchanged. B) increase total revenue. C) decrease total revenue. D) either increase total revenue or decrease total revenue, but it is impossible to tell which.