Which of the following is NOT a method by which unions try to increase the demand for the labor of their members?
A) increasing the marginal product of union members
B) increasing the supply of the goods produced by union labor
C) supporting minimum wage laws
D) supporting immigration restrictions
B
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In the long run, an increase in the growth rate of the quantity of money ________ the inflation rate and ________ the nominal interest rate
A) raises; does not change B) lowers; raises C) raises; raises D) raises; lowers E) lowers; lowers
A natural monopoly is defined as an industry in which ______.
a. one firm can produce the entire industry output at a lower average cost than can two or more firms b. a single firm controls crucial inputs to the production process c. one firm is especially large relative to other firms that could enter the industry d. a single seller exists as a result of patent protection