over the relevant range of market wage rates. backward bending The market labor
ID: 1219395 • Letter: O
Question
over the relevant range of market wage rates. backward bending The market labor supply curve is usually vertical positively sloped negatively sloped Unions and employers use collective bargaining to negotiate wages and employee benefits only. wages, employee benefits, and working conditions. employee benefits only. wages only. Under which of the following circumstances would a voter adopt a stance of rational ignorance instead of choosing to be informed of the public choices at hand in an election? When the voters have a special interest in the legislation When information and the time required to acquire and digest it are scarce When the median voter in an electorate determines public choices When the benefit consumers anticipate from becoming informed exceeds the anticipated cost of doing so Pollution occurs because property rights to exhaustible resources are well defined. True FalseExplanation / Answer
1. The market labor supply curve is usually backward bending over the relevant range of market wage rate because after a certain level of wages people will substitute leisure for paid work time and so higher wages lead to an increase in the labor supply but less labor-time being offered for sale.
2. Union and employer use collective bargaining to negotiate wages,employee benefits and working conditions.
3. A voter adopt a stance of rational ignorance instead of choosing to be informed of the public choices at hand in an election when information and time requierd to acquire and digest it are scarce.
4.The statement that pollution occers because property rights to exhaustive resources are well defined is true.Becauseif property rights are well-defined and cheaply enforceable and transferable, resources can be allocated privately by market participants in ways that maximize their net values and thus yield the highest wealth to society.
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