1/ A carpenter’s union will be an industrial union. 2/ The wage rate is the amou

Question

1/ A carpenter’s union will be an industrial union.

2/ The wage rate is the amount being paid whereas the change in total wages with the addition of one more worker is the _________ wage rate.

3/ When a worker is required to join a union it is called a union shop.

4/ Many unions left the AFL-CIO and formed a new multi-union organization called _____________________________ basically concentrating on union_____________.

5/ A market where there is only one employer is and buyer of labor is a ____________.

6/ The weakening of _____________ power allowed for higher athletes salaries.

7/ The monopsonistic employer will seek to hire the amount of labor at which the ____ of labor is equal to the _____.

8/ The effectiveness of negotiating power in collective bargaining depends on the availability of substitute _________and/or ______.

Explanation / Answer

1/ A carpenter’s union will be an industrial union.

2/ The wage rate is the amount being paid whereas the change in total wages with the addition of one more worker is the marginal wage rate.

3/ When a worker is required to join a union it is called a union shop.

4/ Many unions left the AFL-CIO and formed a new multi-union organization called the Change to Win Coalition basically concentrating on union federation.

5/ A market where there is only one employer is and buyer of labor is a Monopsony.

6/ The weakening of market power allowed for higher athletes salaries.

7/ The monopsonistic employer will seek to hire the amount of labor at which the MRP of labor is equal to the wage rate.

8/ The effectiveness of negotiating power in collective bargaining depends on the availability of substitute input (capital)and/or wage rates.

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