Suppose That Wages Paid to Both Factory Workers and Construction

question 72

Multiple Choice

Suppose that wages paid to both factory workers and construction workers in a perfectly competitive factor market is $15 per hour.If the market for factory workers becomes unionized, you would expect:

• A) an increase in the supply of factory workers.
• B) an increase in the wage rate for factory workers.
• C) an increase in the wage rate for construction workers.
• D) no change in the wage rate for either factory workers or construction workers.

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Definitions:

Socialized Power Orientation

This is a leadership approach where power is used for the benefit of others rather than for personal gain, emphasizing service to the community and ethical standards.

Mutual Trust

The shared belief between parties that each can rely on the other to act in their best interests and uphold commitments.

Task Objectives

Specific goals or targets designed to be accomplished within a set task or activity.

Different Approaches

Various methods or strategies to tackle tasks or solve problems.