1.When you have one buyer in the market for labor and one seller this is called?

A monoposony

A union

A inclusive industrial model

A bilateral monopoly

none of the above

2.Which of the following are possible methods that unions use in order to increase union salaries?

Decrease the numbers of workers in the field.

Increase the demand for the product the union workers are making.

Get law passed that requires a person to get a license to do the job.

Raise tariffs on the importation of products being produced by union workers.

All of the above are possible ways to increase union salaries.

3.Which of following is the hiring rule?

Hire as much labor as possible.

Hire labor up until the marginal resource cost is equal to the marginal revenue product.

Hire as many workers as needed to maximize total output.

Hire labor up until marginal product is maximized.

Hire labor only if capital is unavailable.