Question 1 What are some possible negative economic consequences of unions in competitive markets? (Select all that apply) Uniors can prevent entry of workers into an Industry, causing higher wages than the competitive equilibrium, and causing deadweight loss in the labor market Unions reduce communication between workers and management, facilitating lower information flow and inefficiency Unlons can strike which reduces productivity in the market and for the broader economy Unions can decrease overall productivity through labor hiring requirements Question 3 Select) Unions prefer more demand for labor, and could do so by supporting + Select) for workers in the same field as unions members. 1 Question 4 Match the following with the appropriate term in the drop down boxes: 3 union union shop 1. If an employee must first be part of a union to be hired, this type of union is called ain) 2. If an employee can get hired at a firm but must eventually become part of a union to continue working for that firm, this type of union is called and uno shop union Firm MFC $20 18 16 14 SupplyLabor Dollars per hour 12 10 MRP = Demanda = labor 8 00 Workers 0 1 2 3 4 per day The graph above displays a monopony in the labor market Use the graph to answer the following questions Select A. If the wage is $10 per hour how many workers will want to work at that wage? Select B. How much additional revenue does the 3rd worker bring to the firm