EBK ECONOMICS: PRINCIPLES AND POLICY
13th Edition
ISBN: 9780100605930
Author: Blinder
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 19, Problem 3TY
To determine
Classify the industry.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
In which of the following industries is wage determination most plausibly explained by the model of perfect competition? The model of pure monopoly? The model of bilateral monopoly?
Odd-job repairs in private homes
Manufacture of low-priced clothing for children
Auto manufacturing
The coal mining company is the d
of labor.
Which of the following statements is true?
a.
A monopsony is the only employer of a factor of production.
b.
A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market.
c.
A monopsony has a marginal factor cost curve which lies below its supply curve of labor.
d.
Unions are becoming a greater influence in American labor markets.
Chapter 19 Solutions
EBK ECONOMICS: PRINCIPLES AND POLICY
Knowledge Booster
Similar questions
- What is the marginal cost of labor for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony? Who will pay higher wages: a monopsony or a competitive labor market? Who will employ more labor: a monopsony or a competitive labor market?arrow_forward1. Why is a firm's demand for labor considered a 'derived demand?' What is it derived from? 2. The marginal cost of labor (MCL) is equal to what for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony.arrow_forward1.In the goods market, we have prices; in the labor market, we have wages or salaries; in the financial market, we have: A)credit B)interest rates C)usury D)principal 2.A certain mining company employs all the workers in a small mountainous community. If all the people of this community do not work for other companies, one can say that the situation with the mining company is a form of: A)Monopsony B)Oligopoly C)Monopoly D)Oligopsony 3.Through collective bargaining, labor unions can negotiate higher wages for union members. However, this might cause _______________ when these union wages are higher than the market equilibrium. A)affirmative action B)a labor strike C)excess demand for labor D)excess supply of labor 4.According to studies, the gap between the earnings of male and female workers can be explained by: A)all the options are correct B)the percentage of men vs. women in top positions in companies C)the expectations that women are likely to bear a…arrow_forward
- Please don't use any AI tool.arrow_forward1.what is the Working time and wage-effort bargain .arrow_forwardLabour relations is the term which refers the relationship between individual employees and employers, as well as the relationship between collectives (trade unions, employers’ organisations, and the state) and the individuals. Karl Marx, who dedicated his life to the furtherance of communism, suggested that capitalism established political and legal structures which favour the employer. What is Marx considered additional consequences of capitalism.arrow_forward
- For each of the following determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed. a. An increase in the price of capital. b. A union is formed which uses collective bargaining to obtain higher wages for its members. c. The marginal productivity of workers rises. d. People desire leisure more than ever before (e.g. it is Christmas Day). e. The wages offered in other labor markets requiring similar skills are now offering substantially higher wages. f. The fringe (non-monetary) benefits offered in this market have increased substantially. g. The government has just adopted an "open-door' immigration policy?arrow_forward18. Portray what will occur if a solid mechanical association is shaped in a work market which isn't cutthroat however monopsonistic. MRC S W.. Wage Rate (Dollars) W MRP Quantity of Laborarrow_forwardThe table shows levels of employment (Labor), the marginal product of each of those levels, and a monopoly's marginal revenue. What is the monopoly's marginal revenue product at each level of employment? If the monopoly operates in a perfectly competitive labor market where the going market wage is $20, what is the firm's profit maximizing level of employment?arrow_forward
- Select one or more: a. A rise in labour supply will lead to a rise in wages b. Given a constant mark-up a rise in labour productivity will lead to higher wages C. A rise in product market competition will lead to a higher mark-up d. Equilibrium employment is given by the intersection of the wage and profit curvesarrow_forwardPesto A Pestoland Pastaland OD F B Pasta In Figure 34-7, it is probably true that wages are a. greater in Pestoland than Pastaland. b. equal in Pestoland and Pastaland. C. higher in pasta production than in pesto production in both countries. d. greater in Pastaland than in Pestoland.arrow_forwardWhat is meant by the supply of labour to an occupation?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning