Unions
a. do not affect the natural rate of unemployment.
b. lower the wages of unionized workers.
c. raise the profits of unionized firms.
d. lower the wages of workers in industries without unions.
d
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The substitution effect of a wage increase is observed when
A) leisure's higher opportunity cost causes workers to take more leisure and work less. B) leisure's higher opportunity cost causes workers to take less leisure and work more. C) the higher wage income causes workers to take more leisure and work more. D) the higher wage income causes workers to take more leisure and work less.
An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a
A) patent. B) barrier to entry. C) monopoly. D) research disincentive.