Refer to the Given Data

question 280

Multiple Choice

Refer to the given data. Suppose that the union that provides labor to firms in this market successfully negotiates an increase in the wage rate from $12 to $14. As a result of the wage increase, firms will hire

• A)fewer workers, and the total paid out for wages will decline.
• B)fewer workers, and the total paid out for wages will increase.
• C)fewer workers, and the total paid out for wages will remain unchanged.
• D)more capital, if capital and labor are used in fixed proportions in production.

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Definitions:

Procurement

The process of finding, acquiring, and buying goods, services, or works from an external source.

E-procurement

The electronic procurement of goods and services using the internet and other information technologies to streamline the purchase-to-pay process.

Secure Information

Information that is protected against unauthorized access, alteration, and disclosure, often through encryption and other security measures.