Homework Answers
To increase wages in an industry, labor unions can decrease the supply of labor, thereby increasing equilibrium wage rate as labor supply curve shifts leftward in the labor market. Labor unions also can increase the product's demand by lobbying for import restrictions, making it more difficult or expensive for the imported goods to be purchased. Increase in demand for the good will cause firms to increase their labor demand and therefore equilibrium wage rate increases.
Answer: option C
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A labor union can do which of the following to increase wages in an industry? (3...
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:
Concept Question 3.25 In a perfectly competitive industry in the short run, if wages increase, which...
Concept Question 3.25 In a perfectly competitive industry in the short run, if wages increase, which of the following will occu O A. Marginal costs will increase, and industry supply will increase OB. Marginal costs will not change, but the industry supply will increase. O C. Marginal costs will decrease, and industry supply will decrease. O D. Marginal costs will increase, and industry supply will decrease. In a competitive market, positive economic profits act to O A. signal resource owners...
A decrease in income tax rates will affect a labor market in which of the following...
A decrease in income tax rates will affect a labor market in which of the following ways? The equilibrium quantity of workers will likely and the equilibrium wage will likely (3 pts) Answer Section decrease; increase h increase; increase decrease; decrease increase; decrease d. Neither will likely change.
1. Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity...
1. Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity Labor Supplied $7.25/hr 7,000 800 $9.25/hr 6,900 3,800 $11.25/hr 6,800 6,800 $13.25/hr 6,700 9,800 $15.25/hr 6,600 12,800 $17.25/hr 6,500 15,800 What is the equilibrium wage and labor quantity in this market? Group of answer choices $13.25/hr and 9,800 $7.25/hr and 7,000 $11.25/hr and 6,800 $15.25/hr and 6,600 2. Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity Labor...
1. Which of the following is a reason the demand for gasoline might increase? a. The...
1. Which of the following is a reason the demand for gasoline might increase? a. The price of new and used cars falls by 20%. b. Incomes fall and gasoline is a normal good. c.The price of sodas increase. d.The cost of car insurance increases by 50%. e. All of the above can cause an increase in the demand for gasoline. 2. If both demand and supply decrease, price a. will always increase b. will always decrease c. might increase...
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:
45. An increase in the marginal income tax rate is likely to A. increase the quantity...
45. An increase in the marginal income tax rate is likely to A. increase the quantity of labor supplied B, decrease the quantity of labor supplied C. decrease the quantity of labor demanded D. increase the quantity of labor demanded. 46. The demand for labor is a derived demand because A. many workers are self-employed. B. the income workers earn adds to the demand for the product C. the demand for output comes from the demand for labor D. the...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...
One way that the demand for unions their can labor increase is I A. Increase the supply of their labor for products...
One way that the demand for unions their can labor increase is I A. Increase the supply of their labor for products B. increase the demand they help produce c. decrease the productivity of their labor an above-equilibrium wage 10. demand rate
1. If in an industry of many firms a single small firm's demand for labor increases,...
1. If in an industry of many firms a single small firm's demand for labor increases, then A. its wage rate will increase and its employment level will remain the same. B. its wage rate will decrease and its employment level will increase. C. its wage rate will remain the same and its employment level will increase. D. both its wage rate and its employment level will remain the same. 2. In considering a worker's supply for labor, when wages...
Concept Question 3.25 In a perfectly competitive industry in the short run, if wages increase, which of the following will occu O A. Marginal costs will increase, and industry supply will increase OB. Marginal costs will not change, but the industry supply will increase. O C. Marginal costs will decrease, and industry supply will decrease. O D. Marginal costs will increase, and industry supply will decrease. In a competitive market, positive economic profits act to O A. signal resource owners...
A decrease in income tax rates will affect a labor market in which of the following ways? The equilibrium quantity of workers will likely and the equilibrium wage will likely (3 pts) Answer Section decrease; increase h increase; increase decrease; decrease increase; decrease d. Neither will likely change.
45. An increase in the marginal income tax rate is likely to A. increase the quantity of labor supplied B, decrease the quantity of labor supplied C. decrease the quantity of labor demanded D. increase the quantity of labor demanded. 46. The demand for labor is a derived demand because A. many workers are self-employed. B. the income workers earn adds to the demand for the product C. the demand for output comes from the demand for labor D. the...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...
One way that the demand for unions their can labor increase is I A. Increase the supply of their labor for products B. increase the demand they help produce c. decrease the productivity of their labor an above-equilibrium wage 10. demand rate
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