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An association of workers that presents itself as a single seller of labor on the labor

 An association of workers that presents itself as a single seller of labor on the labor
                            market is called a

a. monopsony

b. monopoly

c. labor union

d. minimum wage

e. labor supply curve

122.              When there is a labor union, the labor supply curve is

a. a horizontal line at the desired wage

b. positively sloped

c. negatively sloped

d. a vertical line at the desired level of employment

e. backward bending

123.              When a labor union confronts a monopsonist, the result is that union workers receive a
                            wage

a. greater than their marginal labor cost

b. that maximizes the return to monopsony power

c. equal to a perfectly competitive labor market

d. below the labor supply curve

e. equal to the marginal revenue product

124.              When its workers have unionized, the monopsonist hires labor until the marginal revenue
                            product is

a. greater than the marginal labor cost

b. equal to the marginal labor cost

c. less than the marginal labor cost

d. equal to the union dues plus the wage

e. high enough to generate a return to monopsony power

125.              The number of workers hired by a monopsonist that is facing a wage-maximizing union

is

a. equal to the competitive labor market number of workers

b. greater than the competitive labor market number of workers

c. greater than the number of workers if the monopsonist were not facing a union

d. less than the number of workers if the monopsonist were not facing a union

e. the same as the number of workers if the monopsonist were not facing a union

 

 

 

 

 

126.              When the collective bargaining process fails to produce an acceptable contract, the union
                            can attempt to extract a higher wage from a monopsonist by

a. bringing in more workers

b. allowing the workers to negotiate their own individual terms

c. shifting the MLC curve downward

d. going on strike

e. increasing the return to monopsony power

127.              Negotiation between a labor union and the firm that employs unionized workers is called

a. collective bargaining

b. a strike

c. return to monopsony power

d. a labor dispute

e. marginal revenue product of labor

128.              During the process of a strike, both the employer and the union workers will do all of the
                            following except

a. signaling what they will accept

b. conceal agendas

c. disregard the return to monopsony power

d. reassess all relevant factors

e. try to obtain the best wage agreement

129.              When unions successfully raise wage rates,

a. the employer must cut benefits

b. fewer workers may be employed

c. there is decreasing pressure for workers to join the market

d. a strike occurs

e. the monopsony keeps the same return to monopsony power

130.              If there is a technology improvement in a unionized labor market, this will

a. decrease the demand for labor, and the union will accept lower wages or fewer
workers hired

b. increase the demand for labor, and the union will accept lower wages or fewer
workers hired

c. decrease the demand for labor, and the union will demand higher wages or more
workers hired

d. increase the demand for labor, and the union will demand higher wages or more
workers hired

e. not affect the demand for labor, wages, or workers hired

Dec 11 2019 View more View Less

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