Not all similarly skilled workers are included in unions. As a result, wages for unionized workers tend to be ____ than for nonunion workers. Additionally, as a significant number of skilled workers seek work in the nonunion sector, the supply curve for nonunion labor shifts to the ____, thereby ____ wages for nonunion workers
a. higher; right; reducing
b. higher; left; reducing
c. lower; right; increasing
d. lower; left; increasing
a
Economics
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If a production function has two inputs and exhibits constant returns to scale, then doubling both inputs will cause the output to:
A. reduce by half. B. stay the same. C. double. D. quadruple.
Economics
Economists believe that the development of a new technology provides a way for an economy to sidestep the diminishing marginal returns of capital deepening. What is the reason behind such belief?
Economics