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31 Oct 2020

6. Because a union is the sole supplier of labor, it can act like a _____________ and ask for whatever wage rate it can obtain for its workers.

a. monopsony

b. monopoly

c. oligopoly

d. entity in a perfectly competitive market

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Explaining the concept of Labor union

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Suppose that all workers in a town belong to a union (monopoly union) and there is a single firm (monopsony) hiring labor in the town. Now, suppose that the supply for labor function the monopsony faces is LS = w (where w refers to wages per day) and the demand for labor function faced by the monopoly union is LD = 90 â 3w. a. Find the wage rate and number of workers that the firm (the monopsony) would like to hire. b. Find the wage rate and level of employment that the union would seek if it behaved as a monopolist union. c. What is the likely outcome?

Part of the U.S. labor market is competitive and the remaining market is characterized by monopsony and labor union. Additionally, a significant part of U.S. workers earn minimum wage. (a). Define monopsony and labor union and explain how wage rate is determined in each of these labor markets. (b). What is the effect of minimum wage on employment? Explain fully.

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14. When there is market power on both sides of the labor market, in other words, when a union meets a monopsony? Economists call such a situation a

a. monopoly

b. bilateral monopoly

c. labor market oligopoly

d. labor market competitiveness

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6. Because a union is the sole supplier of labor, it can act like a _____________ and ask for whatever wage rate it can obtain for its workers.

a. monopsony

b. monopoly

c. oligopoly

d. entity in a perfectly competitive market

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Principles of Economics

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6. Because a union is the sole supplier of labor, it can act like a _____________ and ask for whatever wage rate it can obtain for its workers. a. monopsony b. monopoly c. oligopoly d. entity in a perfectly competitive market

Unlock all answers

Related textbook solutions

Principles of Economics

Principles of Macroeconomics

Principles of Microeconomics

Related questions

Weekly leaderboard

6. Because a union is the sole supplier of labor, it can act like a _____________ and ask for whatever wage rate it can obtain for its workers.

a. monopsony

b. monopoly

c. oligopoly

d. entity in a perfectly competitive market