Which of the following does the textbook suggest might be an example of a group
ID: 1165831 • Letter: W
Question
Which of the following does the textbook suggest might be an example of a group forming a cartel so as to act like a monopsonist?
(2pts)
the NCAA
the US armed forces.
coal and steel companies
the AFL-CIO
2)
Which of the possible objectives of a labor union mentioned in the textbook would involve demanding a wage corresponding to where the demand for labor is unit elastic?
(2pts)
maximizing the income of union leaders
maximizing the total wage bill
maximizing income of a limited number of union members
employing all members of the union
3)
Which of the following policies are labor unions likely to support?
(2pts)
free trade
open borders
raising the minimum wage
All of the above
None of the above
The result of successful collective bargaining by a union is to cause the ___________ to become __________.
(2pts)
demand curve for labor . . . vertical
supply curve of labor . . . horizontal
demand curve for labor . . . horizontal
supply curve of labor . . . vertical
Explanation / Answer
a) The AFL-CIO is a group trying to behave like a cartel. the answer is "D".
b) "B"
Maximizing the total wage bill.
c) "C"
Labor unions will only support raising the minimum wage in the market.
d) The supply curve of labor to be vertical it will allow them to increase the wage to the maximum. The answer is "D".
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