Suppose That Wages Paid to Both Factory Workers and Construction

question 90

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) a decrease in the supply of factory workers.
• B) a decrease 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.

Distinguish between mercantilism and neo-mercantilism and their effects on trade policies.

Understand the role of factor endowments in shaping the trade patterns of countries.

Assess the impacts of trade policies such as tariffs, quotas, and subsidies on international trade.

Identify the strategies and theories related to protecting emerging industries.

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Definitions:

Average Total Cost

The total cost divided by the number of goods produced, representing the cost per unit of output.

Variable Cost

Variable expenditures linked to a business's performance, including the price of materials essential for creating products.

Organizational Productivity

The measure of how efficiently and effectively a company or organization converts its resources into goods and services.

Job Performance

The extent to which an employee successfully fulfills the duties, tasks, and responsibilities of their job role.