1. Workers who demand a wage that is equal to the equilibrium wage: Select one:

Question

1. Workers who demand a wage that is equal to the equilibrium wage:

Select one:

a. Will find it difficult to secure a job.

b. Will easily secure a job.

c. Must belong to a union in order to secure a job.

d. Will never benefit from joining a union

2. Workers with a particular skill are represented by:

Select one:

a. Craft unions.

b. Skill unions.

c. Market unions.

d. Industrial unions

3.A regulated natural monopoly is most likely to spend more money on employee healthcare under which of the following types of regulation?

Select one:

a. Price regulation.

b. Profit regulation.

c. Administrative regulation.

d. All of the above.

Explanation / Answer

1) Option B = Will easily secure a job. Because, as it is the equilibrium rate, there is supply and demand which is equal and employers are happy to pay X amount and workers are happy to work at X amount, both the parties are happy.

2) Option A = Craft unions. There is nothing such as Skill unions. Market unions and industrial unions are very different unions as compared to Craft unions.

3) Option C = Administrative regulation, as it is a regulated natural monopoly.

Hope my solution solves your query.

Regards.

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