From an economic perspective, the efforts of professional football, baseball, and basketball players in the United States to win the right to become free agents was really an effort to a. Raise wages to the level of the players' MRP.   b. Raise wages to competitive levels.   c. Reduce the supply of professional players and thus increase wages.   d. Raise wages above the level of the players' MRP.

(c) Let us now turn to the labor market for grocery store workers in Little town. Recently one of the last two grocery stores in Little town closed leaving only one employer for grocery store workers in this area. This labor market is not very competitive. What type of market structure is this?  (d) Draw a typical supply curve (i.e. average expenditure), marginal expenditure, and demand for the grocery store in Little Town. Label the equilibrium wage and number of grocery store workers.  (e) Suppose that some time has passed and the population has grown in Little Town and there are now many grocery stores. Now suppose that the grocery store workers unionize. Draw a graph to depict the equilibrium wage and number of workers in this new market.

Explain what the invariance principle is within the sports labor market? What does this mean about the measures leagues put into place to promote competitive balance, like the reverse order draft?

Q2-B3 Show all work In the game below, how much does Labor earn if they can move first?                                                   Labor Management   Bargain Hard Be Nice Bargain Hard 0,0 20,10 Be Nice 12,18 15,15   Select one: a. 18 b. 10 c. 15 d. 20

Write a sentence or two defining the following terms in your own words. Give examples of each.     j. Dishonest workers               k. Elastic Demand               l. Entrepreneurship

d. Government imposes costly new regulations to make oil drilling a safer job.

Please respond to the following prompt: This week's focus is labor economics. 1. Lebron James makes more money than the President of the U.S. Do you believe this is fair or unfair? (Only focus on salary, not endorsements) 2. What are the non-monetary benefits you look for in a job? Why do you believe non-monetary benefits or incentives become more important than salary to prospective employees over time?

How does a competitive industry affect unions?     A. Unions can exercise higher monopoly power.   B. Unionization requires a great deal of effort.   C. Unions focus on geographically distributed producers.   D. Unions focus on national service providers.

The government wants to encourage individuals on welfare to become employed. It is considering two possible incentive programs: a. Give firms $2 per hour for every individual on welfare who is hired. b. Give each firm that hires one or more welfare workers a payment of $1,000 per year, irrespective of the number it hires. To what extent is each of these programs likely to be effective at increasing the employment opportunities of welfare workers? Giving firms $2 per hour for every individual on welfare who is hired O A. is likely to be unsuccessful because firms hire workers such that the marginal revenue product of labor equals the marginal cost of labor, and this approach reduces the marginal cost of labor by $2, decreasing employment. O B. is likely to be unsuccessful because the substitution effect from a wage decrease is negative in terms of hours of work. OC. may be successful or may be unsuccessful depending on whether the income effect or the substitution effect from a wage…

Use a labor supply and labor demand graph to show why salaries in the NBA went down during the Great Recession. Explain why the curves moved the way they did.