If a union wishes to maximize the number of union members employed, it will
A) accept the competitive wage.
B) set a wage below the competitive wage.
C) set a wage where the elasticity of demand for labor equals one.
D) set a wage above the competitive wage.
A
Economics
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In a closed economy, private saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) Y + TR - C - T B) Y - C - T C) Y - G - T + TR D) Y - G - T
Economics
Some economists argue that monopolistically competitive markets are inefficient because:
A. the firms earn economic profits in the long run. B. the firms' marginal costs and marginal revenues are not always equal. C. firms do not produce the output rate that would minimize their average total cost. D. barriers to entry are high.
Economics