If a union negotiates a wage above the market equilibrium, each firm hiring union members faces
a. a perfectly inelastic supply curve for labor
b. a perfectly elastic supply curve for labor
c. a perfectly inelastic demand curve for labor
d. a perfectly elastic demand curve for labor
e. perfectly inelastic supply and demand curves for labor
B
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Quantitative evidence from Fishlow, Fogel and Mercer indicates that
a. antebellum railroads were built ahead of demand, but post-bellum transcontinentals were not. b. post-bellum transcontinentals were built ahead of demand, but antebellum railroads were not. c. both antebellum railroads and post-bellum railroads were built ahead of demand. d. antebellum railroads were not built ahead of demand, but the evidence on post-bellum railroads is mixed.