Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Chapter 19, Problem 3TY
To determine
Classify the industry.
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Economics: Principles & Policy
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- Which of the following statements is true? a. A monopsony is the only employer of a factor of production. b. A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market. c. A monopsony has a marginal factor cost curve which lies below its supply curve of labor. d. Unions are becoming a greater influence in American labor markets.arrow_forwardExplain how a monopsony market structure is affected by a price floor (minimum wage), and what is the effect of the monopsony of the local economy?arrow_forwardWhat is the marginal cost of labor for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony? Who will pay higher wages: a monopsony or a competitive labor market? Who will employ more labor: a monopsony or a competitive labor market?arrow_forward
- A.The market demand for labour is the sum of all the individual firms’ demand curves.Identify four factors that can cause the market demand curve to shift.B.Why are labour markets imperfect? Give five reasons.arrow_forward1. Why is a firm's demand for labor considered a 'derived demand?' What is it derived from? 2. The marginal cost of labor (MCL) is equal to what for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony.arrow_forward1.In the goods market, we have prices; in the labor market, we have wages or salaries; in the financial market, we have: A)credit B)interest rates C)usury D)principal 2.A certain mining company employs all the workers in a small mountainous community. If all the people of this community do not work for other companies, one can say that the situation with the mining company is a form of: A)Monopsony B)Oligopoly C)Monopoly D)Oligopsony 3.Through collective bargaining, labor unions can negotiate higher wages for union members. However, this might cause _______________ when these union wages are higher than the market equilibrium. A)affirmative action B)a labor strike C)excess demand for labor D)excess supply of labor 4.According to studies, the gap between the earnings of male and female workers can be explained by: A)all the options are correct B)the percentage of men vs. women in top positions in companies C)the expectations that women are likely to bear a…arrow_forward
- QUESTION 16 Country X has a single airline, and all pilots belong to a trade union. The market for pilots' labour can be best described as . Oa. Competitive b. Price-making O. Price-taking d. Bilateral monopolyarrow_forwardLabour relations is the term which refers the relationship between individual employees and employers, as well as the relationship between collectives (trade unions, employers’ organisations, and the state) and the individuals. Karl Marx, who dedicated his life to the furtherance of communism, suggested that capitalism established political and legal structures which favour the employer. What is Marx considered additional consequences of capitalism.arrow_forwardFor each of the following determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed. a. An increase in the price of capital. b. A union is formed which uses collective bargaining to obtain higher wages for its members. c. The marginal productivity of workers rises. d. People desire leisure more than ever before (e.g. it is Christmas Day). e. The wages offered in other labor markets requiring similar skills are now offering substantially higher wages. f. The fringe (non-monetary) benefits offered in this market have increased substantially. g. The government has just adopted an "open-door' immigration policy?arrow_forward
- "If the wage rate paid to one form of labor is twice the cost of another form of labor, the first type of labor must be twice as productive."arrow_forward1.what is the Working time and wage-effort bargain .arrow_forward18. Portray what will occur if a solid mechanical association is shaped in a work market which isn't cutthroat however monopsonistic. MRC S W.. Wage Rate (Dollars) W MRP Quantity of Laborarrow_forward
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