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Home / Questions / The monopsonist’s marginal labor cost curve always lies below the labor supply curve.

The monopsonist’s marginal labor cost curve always lies below the labor supply curve.

  The monopsonist’s marginal labor cost curve always lies below the labor supply curve.

 

22.              The only purpose of labor unions is to form a more cohesive bargaining entity to offset
                            the bargaining power of employers in the labor market.

23.              In a monopsonistic market, a firm’s demand curve for labor is equal to its marginal
                            revenue product and has a nonzero slope.

24.              Industrial unions offer membership to all workers in a specific industry.

 

25.              Early union activity in the late 18th and early 19th centuries in the United States was
                            halted by court decisions holding that unions constituted criminal conspiracies.

26.              Unskilled workers first gained union representation under the Congress of Industrial
                            Organization in 1935.

27.              The Wagner Act of 1935 guaranteed the right of union representation for minorities.

 

28.              If the demand for labor is highly inelastic, an increase in wages secured by the union will
                            cause a big increase in unemployment among union workers.

29.              The union shop represents a compromise over labor’s control of the labor supply.

 

30.              A yellow dog contract prohibits workers from joining unions.

 

31.              Closed shops are shops that are closed to union members.

 

32.              In the United States, union membership reached its peak in both numbers and percent of
                            the labor force in the decade between 1970 and 1980.

33.              The negotiation process between an employer and a union is described as collective
                            bargaining.

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