Consider a Wage-Setting Union in an Otherwise Competitive Labour Market

question 17

Multiple Choice

Consider a wage-setting union in an otherwise competitive labour market.If the union sets a wage above the competitive level,the effect will be

• A)to raise wages for all workers who wish to work in the industry.
• B)to increase the amount of employment in the industry.
• C)to create a group of workers who would like to obtain jobs in the industry but cannot do so.
• D)a level of employment which is the same as that at the competitive equilibrium wage.
• E)to cause the labour supply curve to shift to the right.

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Mortgage payments are regular payments made by a borrower to a lender, typically consisting of principal and interest, for the repayment of a mortgage loan used to purchase property.

Self-Employed Health Insurance

A deduction available for the premiums paid on a health insurance policy covering a taxpayer who is self-employed, their spouse, and dependents.

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Persons or entities such as single taxpayers, married couples, and heads of households that are subject to personal income tax.

Alimony

Financial payments made to a spouse or former spouse under a separation or divorce agreement.