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Micro Economics Online Exercise 11 Chapter Eleven Concepts This exercise is mandatory. Feedback is detailed, meant to prepare you for the upcoming tests. To receive credit, reply to your best of your ability, using your own language, after you've looked at the outline and attempted the homework related to this chapter. The questions are geared toward comprehension, toward the \"Why" and "How\" of concepts, therefore they're relatively challenging. This is why the tests will become manageable, which is the goal. Please, do not submit blanks. Doing so precludes me from seeing the exact pitfalls preventing you from reaching the correct conclusions. I am here to help you, not judge you. 1. One of the causes of high productivity is financing opportunities. Explain what is meant by it. Answer: 2. Productivity has averagedjust 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: Wage. marginal revenue product, and marginal factoroost at. t. Quantity-of laborper 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: 6. 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: 8. As airlines consolidated from 11 down to 4, they began to show signs of oligopsony. Point to a couple of them