Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question

The inverse labor demand function is W = 200 – 2L, where W is the wage and L is labor.  Labor revenue is WL, and labor supply is W = 2L.

(a) Suppose that the labor market is competitive. What is the wage?  Employment?

(b) Now suppose that a union dominates the labor market.  What is the wage?  Employment?

(c) What do you conclude about the impact of unions on labor markets?

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