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Marginal resource labor cost will exceed the wage

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174.Marginal resource (labor) cost will exceed the wage rate when there is imperfect competition in the hire of labor. True False 175.The rising general level of real wages in the United States has occurred because growing population has increased the supply of labor relative to the demand for it. True False 176.Advocates of the minimum wage argue that its effects should be analyzed within the context of a dynamic and imperfectly competitive labor market. True False 177.Marginal resource (labor) cost will always exceed the wage rate when the employer is selling its product in an imperfectly competitive market. True False 178.A monopsonistic employer may sell its product in a competitive market. True False 179.Industrial unions are more likely to increase wage rates by restricting the supply of labor than are craft unions. True False 180.The labor supply curve facing a purely competitive firm is perfectly inelastic. True False 181.The monopsonist in a nonunionized labor market pays a wage rate below the MRP of labor. True False 182.Inclusive unions restrict the number of jobs directly by shifting the labor supply curve to the left; exclusive unions restrict the number of jobs by imposing above-equilibrium wage rates on the employer. True False 183.Critics of the minimum wage contend that higher minimums cause employers to move up their labor demand curves, reducing employment of low-wage workers. True False 184.Seniority pay is the same as piece rate pay. True False 185.The principal-agent problem in labor markets arises because of the possibility of shirking by workers. True False
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186.Efficiency wages are established at below-equilibrium levels. True False 187.Human capital investment refers to spending on education and worker training. True False 188.Noncompeting groups of workers are the result of geographic immobilities. True False 189.Shirking refers to the behavior of workers who provide less-than-expected effort on the job. True False 190.Piece-rates may not be appropriate pay in some situations because they might reduce product quality. True False 191.In 2007, there were about _____ million union members in the United States. A. 5.8 B. 11.2 C. 15.7 D. 32.5 192.In 2007, about ____ percent of employed wage and salary workers belonged to unions. 193.In 2007, the number of union members in the United States and the rate of U.S. unionization were:
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