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Unformatted text preview: should buy and use: _______2___________. 2. See the table below, and answer each of the questions. (60pts/12pts each) a. If the market represented in exhibit above is allowed to operate freely, total employment in the market will be ________720__________. b. If a union raises the wage to $4, total employment in the market will be ____600___. c. The approximate total surplus of labor after the union wage is ______200_________. d. If the market is allowed to operate freely, total employment by the typical employer (illustrated in the right-hand panel) will be ______12__________. e. If a union raises the market wage to $4, total employment by the firm (in the right-hand panel) will be ______10__________....
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- Spring '12
- Economics, $4, marginal revenue product, 10pts, $110