If a firm's demand for labor is elastic, a union-negotiated wage increase will:
A. necessarily be inflationary.
B. cause the firm's total payroll to increase.
C. cause the firm's total payroll to decline.
D. cause a shortage of labor.
Answer: C
Economics
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The above figure shows the market for steel ingots. If the market is competitive, then the deadweight loss to society is
A) a. B) b. C) c. D) zero.
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