FIGURE 13- 3 the Demand and Supply Curves Shown Below

question 108

Multiple Choice

FIGURE 13- 3 The demand and supply curves shown below apply to a competitive market for a factor used in the production of widgets.

-Refer to Figure 13- 3.If the supply and demand curves for the factor are as shown in the diagram,but the wage being paid is $9,and the market is at point C,

• A)the demand curve will shift to the left until equilibrium factor price and quantity are re- established.
• B)the demand curve will shift to the right until equilibrium factor price and quantity are re- established.
• C)the marginal revenue product is not equal to the marginal cost of the factor and firms will increase the amount of the factor employed.
• D)the wage is higher than the factor's marginal product,and firms will reduce the amount of the factor employed.
• E)the wage is higher than the factor's marginal revenue product,and firms will reduce the amount of the factor employed.

Assess the significance of community interests, and workplace identity in the unionization process.

Explore the legal protections and rights of employees and employers under the NLRA.

Understand the impact of election outcomes and how they influence the negotiation process.

Recognize the importance of personal and social influences on employee decisions regarding union support.

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Definitions:

Microeconomics

studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.

Macroeconomics

The branch of economics that studies the behavior and performance of an economy as a whole, focusing on total national income, employment, and price levels.

Equilibrium Price

The price at which the quantity of a good or service supplied is equal to the quantity demanded, resulting in market balance.

Economics

The social science that studies the production, distribution, and consumption of goods and services.