Which of the following statements is true?
a. The share of income going to labor has increased during periods when union membership has increased as a proportion of the U.S. labor force.
b. Inflation in the United States has tended to accelerate as the proportion of the U.S. labor force that is unionized has increased.
c. Higher wages in the unionized sectors of an economy will also push up wages in the nonunion sectors.
d. High real wages cannot be achieved and sustained without increases in output per worker hour.
D
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Describe the holdout problem with emphasis on how it might lead to resource being allocated inefficiently. Give three private ways to possibly overcome the holdout problem
What will be an ideal response?
The face value of a ticket to the Super Bowl was approximately $1,200 in 2011 . The game is very popular and there are a number of fans who are not able to get tickets to this game. At the same time, many fans claim that prices are too high and that the
NFL should lower the face value of the ticket prices. Would a decrease in ticket prices move the market towards equilibrium? Would it eliminate the shortage of tickets? Why or why not?