Fill in the blanks to make the following statements correct. a. If workers in a competitive labour
Question:
a. If workers in a competitive labour market join together to form a union, the effect will be a(n) _______ wage and _______ quantity of labour demanded.
b. If firms in a competitive labour market form an employers' association and become a monopsonist, employment will be _______ and wages will be than _______ in the competitive outcome.
c. A legislated and binding minimum wage in a competitive labour market will lead to a(n) _______ in the quantity of labour demanded and a(n) _______ in the quantity of labour supplied. The actual number of workers employed will _______.
d. A legislated and binding minimum wage in a market where the employer has monophony power and the wage is initially below the competitive level will lead to an _______ in the number of workers employed.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
Question Posted: