Explain how wages that are negotiated and set by labor unions can result in a surplus...
Explain how wages that are negotiated and set by labor unions can result in a surplus of labor, and perhaps even fewer workers employed after this union contract than before.
Homework Answers
The wages negotiated by labor unions is generally higher than the equilibrium wage. When wage is higher than equilibrium wage, the supply of labor becomes more than the equilibrium supply but the demand for labor becomes less than equilibrium demand. As a result, the supply of labor is higher than the demand for labor. So, some of the workers ready to work will not find a job and there will be a surplus of labor. At the higher wage, the equilibrium labor demanded will be lower than the earlier equilibrium. So, there can be even fewer workers employed after this union contract than before.
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Explain how wages that are negotiated and set by labor unions
can result in a surplus...
Consider two states that adopt different laws concerning labor unions. The following graph shows the labor...
Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market clearing wage is $10 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $12 per hour. Use the black point (plus symbol) to show how many union workers will be employed at the $12...
Subject: The Future Of Jobs Help: Unions are helpful for an organization because employees who are...
Subject: The Future Of Jobs Help: Unions are helpful for an organization because employees who are in unions have higher productivity levels, which is beneficial to the company. With higher salaries, union workers have more buying power which is beneficial to the economy. Labor unions can help employees obtain better wages, benefits and working conditions. By creating a collective bargaining group, the union creates strength in numbers. The union representatives then negotiate contract terms with the employer in hopes of...
5. How do unions increase wages by reducing supply of labor? B) And which type of...
5. How do unions increase wages by reducing supply of labor? B) And which type of union in particular uses this strategy? Answer:
4. How do unions raise wages by increasing demand for labor? B) And which type of...
4. How do unions raise wages by increasing demand for labor? B) And which type of union in particular uses this strategy? Answer:
Homework (Ch 19) 3. Contrasting labor union laws in two states Consider two states that adopt...
Homework (Ch 19) 3. Contrasting labor union laws in two states Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage is $4 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $6 per hour. Use the black point (plus symbol)...
Assignments Assignment 10.1 - Understanding the Effects of Unions After completing this Lesson's readings, answer the...
Assignments Assignment 10.1 - Understanding the Effects of Unions After completing this Lesson's readings, answer the short answer questions and submit work to the Assignment 10.1 dropbox. • Do a little outside research. Describe labor and other resource markets. How is the market for labor similar to and different from the markets for steel or other factors of production? What can a firm do to ensure a dependable supply of these resources? • Look up the concept of a spillover...
DQ #4 We can say there are three labor markets. The unskilled labor market (manual laborers)...
DQ #4 We can say there are three labor markets. The unskilled labor market (manual laborers) tends to be the most competitive as it has no entry barriers and its wages tend to be the lowest. The semi-skilled labor market (electricians, machinists, assembly line workers) is somewhat less competitive and has some moderate entry barriers (apprenticeships, master's licenses, unions) where its wages tend to be higher than in the unskilled labor market. The highly skilled labor market (doctors, economists, lawyers...
Reality television has altered the labor market for entertainment over the past two decades. An aspiring...
Reality television has altered the labor market for entertainment over the past two decades. An aspiring actor or actress no longer needs to find an agent and wait years for an opportunity to audition for a specific role. Today, aspiring actors and actresses can freely audition (often by submitting a self-produced video online) to one of many audition processes for reality shows such as Big Brother, The Voice, and America's Got Talent. From the reality show's perspective, producers are constantly...
Structural unemployment is caused by changing patterns of labor demand. real wages being inflexible downward. high...
Structural unemployment is caused by changing patterns of labor demand. real wages being inflexible downward. high costs of occupational and/or geographic adjustment. All of these 2.5 points QUESTION 13 Suppose an employment contract includes a no-quit clause. How does the answer to the question “Who pays for general training?” depend on the no-quit clause? Workers pay for their general training with or without the no-quit clause With the no-quit clause, the firm can pay for general training With the...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers,...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers, 3000 are employed . The economy enters a recession. The total number of employed workers falls by 10%, and in addition 1% of the labour force become discouraged at the prospect of finding a job and stop searching for a job for more than 4 weeks a) Can you calculate the employment rate given the information above? Explain. b) Calculate the unemployment rate before,...
Homework (Ch 19) 3. Contrasting labor union laws in two states Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage is $4 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $6 per hour. Use the black point (plus symbol)...
Assignments Assignment 10.1 - Understanding the Effects of Unions After completing this Lesson's readings, answer the short answer questions and submit work to the Assignment 10.1 dropbox. • Do a little outside research. Describe labor and other resource markets. How is the market for labor similar to and different from the markets for steel or other factors of production? What can a firm do to ensure a dependable supply of these resources? • Look up the concept of a spillover...
DQ #4 We can say there are three labor markets. The unskilled labor market (manual laborers) tends to be the most competitive as it has no entry barriers and its wages tend to be the lowest. The semi-skilled labor market (electricians, machinists, assembly line workers) is somewhat less competitive and has some moderate entry barriers (apprenticeships, master's licenses, unions) where its wages tend to be higher than in the unskilled labor market. The highly skilled labor market (doctors, economists, lawyers...
Reality television has altered the labor market for entertainment over the past two decades. An aspiring actor or actress no longer needs to find an agent and wait years for an opportunity to audition for a specific role. Today, aspiring actors and actresses can freely audition (often by submitting a self-produced video online) to one of many audition processes for reality shows such as Big Brother, The Voice, and America's Got Talent. From the reality show's perspective, producers are constantly...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers, 3000 are employed . The economy enters a recession. The total number of employed workers falls by 10%, and in addition 1% of the labour force become discouraged at the prospect of finding a job and stop searching for a job for more than 4 weeks a) Can you calculate the employment rate given the information above? Explain. b) Calculate the unemployment rate before,...
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