1. One of the causes of high productivity is financing opportunities. Explain what is meant by it. Answer: 2. Productivity has averaged just 1.3% during the expansion ending in 2020, well below the 2.1% average since the end of World War II. Now since the 805, quality of life has eroded for the middle class as it continued to shrink in numbers and in wealth for the most part. Explain the connection between the erosion in productivity for firms and reduced quality of life for workers. (Hint: do a quick search and use your logic.) Answer: 3. Explain why the graph below belongs to a labor market in a monopsony. Answer: MFC Wage, marginal revenue product, and marginal factor cost $5 Minimum wage MRP Quantity of labor per period 4. How do unions raise wages by increasing demand for labor? B) And which type of union in particular uses this strategy? Answer:5. How do unions increase wages by reducing supply of labor? B) And which type of union in particular uses this strategy? Answer: . Why are unions today weaker than they used to be? B) Do you think workers are better off with unions organized across markets like they are in Europe (as in everyone in particular professions are automatically part of that union, guaranteeing negotiations for all workers of the same filed across markets)? Answer: 7. How's a monopsony different from monopoly? Answer: As airlines consolidated from 11 down to 4, they began to show signs of oligopsony. Point to a couple of them