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B a monopsonist in the hire of labor c selling its

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B. a monopsonist in the hire of labor. C. selling its product in an imperfectly competitive market. D. selling its product in a purely competitive market. AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-3 McConnell - Chapter 13 #85 Topic: Monopsony and imperfectly competitive labor markets 86. Refer to the above diagram. The MRC curve lies above the labor supply curve because: A. any number of workers can be hired at the going equilibrium wage rate. B. the firm must lower product price to increase its sales. C. the higher wage needed to attract additional workers must also be paid to the workers already employed. D. there is an inverse relationship between wage rate and the amount of labor employed. AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-3 McConnell - Chapter 13 #86 Topic: Monopsony and imperfectly competitive labor markets 87. Refer to the above diagram. Assuming no union or relevant minimum wage, the firm represented will hire: A. Q 2 workers and pay a W 4 wage rate. B. Q 2 workers and pay a W 1 wage rate. C. Q 3 workers and pay a W 2 wage rate. D. Q 4 workers and pay a W 1 wage rate. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-3 McConnell - Chapter 13 #87 Topic: Monopsony and imperfectly competitive labor markets 88. Refer to the above diagram. An industrial (inclusive) union could increase employment in this labor market: A. by negotiating any wage rate between W 1 and W 4 . B. by negotiating a wage rate greater than W 4 . C. only if it accepted a wage rate below W 1 . D. only if it could shift the labor demand curve rightward. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-3 McConnell - Chapter 13 #88 Topic: Monopsony and imperfectly competitive labor markets
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89. Refer to the above diagram. An industrial union could maximize employment by negotiating a wage rate of: A. W 4 . B. W 3 . C. W 2 . D. W 1 . AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-3 McConnell - Chapter 13 #89 Topic: Monopsony and imperfectly competitive labor markets 90. Which of the following tactics is most associated with the demand-enhancement union model? A. Reducing the price of inputs that are substitutes for union workers. B. Lobbying for increases in public expenditures on the product it is producing. C. Restricting the number of workers allowed to work in the industry. D. Increasing the price of products that are complements for the one it is producing. AACSB: Analytical Skills Blooms: Knowledge Learning Objective: 13-4 McConnell - Chapter 13 #90 Topic: Union models and licensure 91. The United Mine Workers is a good illustration of: A. how unions have increased wages but reduced job opportunities by shifting the supply-of-labor curve to the left.
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B a monopsonist in the hire of labor C selling its product...

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