If a Labor Union Successfully Practices Collective Bargaining Against a Monopsonist

question 37

Multiple Choice

If a labor union successfully practices collective bargaining against a monopsonist, then

• A)product price will decrease.
• B)both wages and employment may rise.
• C)both wages and employment may fall.
• D)workers will probably receive a wage further away from their marginal revenue products.
• E)b and d

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Definitions:

Absconded

To leave hurriedly and secretly, typically to escape from custody or avoid arrest.

Digestive Problem

Health issues related to the digestive system that impair its ability to function properly.

Offer of Performance

A gesture by a party involved in a contract to fulfill their part of the agreement, often used as evidence of willingness to comply with the contractual terms.

Objective Impossibility

This term describes a situation where the fulfillment of a contract's obligations cannot be carried out by anyone due to external circumstances, such as the destruction of something necessary for performance.