60253881-ch13

4 and 5 d 1 and 2 aacsb reflective thinking skills

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4 and 5. D. 1 and 2. AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-4 McConnell - Chapter 13 #119 Topic: Union models and licensure 120. Refer to the above labor market diagrams. The case of bilateral monopoly is represented by Figure: A. 5. B. 4. C. 2. D. 1. AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-4 McConnell - Chapter 13 #120 Topic: Union models and licensure 121. Refer to the above labor market diagrams. The economic impact of occupational licensing can best be demonstrated through Figure: A. 4. B. 3. C. 2. D. 1. AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-4 McConnell - Chapter 13 #121 Topic: Union models and licensure

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McConnell - Chapter 13 122. Refer to the above labor market diagram where D is the labor demand curve, S is the labor supply curve, and MRC is the marginal resource (labor) cost curve. If this were a purely competitive labor market, the equilibrium wage rate and level of employment would be: A. \$5 and 3 respectively. B. \$6 and 4 respectively. C. \$7 and 5 respectively. D. \$8 and 3 respectively. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-4 McConnell - Chapter 13 #122 Topic: Union models and licensure 123. Refer to the above labor market diagram where D is the labor demand curve, S is the labor supply curve, and MRC is the marginal resource (labor) cost curve. If this were a monopsonistic labor market, the equilibrium wage rate and level of employment would be: A. \$5 and 3 respectively. B. \$6 and 4 respectively. C. \$7 and 5 respectively. D. \$8 and 3 respectively. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-4 McConnell - Chapter 13 #123 Topic: Union models and licensure 124. Refer to the above labor market diagram where D is the labor demand curve, S is the labor supply curve, and MRC is the marginal resource (labor) cost curve. If an inclusive union was formed and was able to get the monopsonist to agree to a \$7 wage rate, then the monopsonist would: A. reduce employment from 5 to 3 workers. B. reduce employment from 5 to 2 workers. C. increase employment from 3 to 5 workers. D. not alter its level of employment. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-4 McConnell - Chapter 13 #124 Topic: Union models and licensure
125. Refer to the above labor market diagram where D is the labor demand curve, S is the labor supply curve, and MRC is the marginal resource (labor) cost curve. If an inclusive union was able to get the monopsonist to pay a \$6 wage rate, then: A. the supply curve would be perfectly elastic for the first four workers, but the MRC curve would be unaffected. B. the supply curve would be perfectly elastic for all workers and the MRC curve would coincide with it.

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4 and 5 D 1 and 2 AACSB Reflective Thinking Skills Blooms...

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