A Union May Attempt to Obtain Stricter Certification Requirements or Longer

question 12

Multiple Choice

A union may attempt to obtain stricter certification requirements or longer apprenticeships. These changes would raise workers' wages because they:

• A) create unnecessary unemployment.
• B) shift in labor supply curve leftward.
• C) decrease the marginal product of labor.
• D) reduce management's use of featherbedding.

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Definitions:

Pure Monopoly

A market structure where a single entity controls the entire supply of a product or service, with no close substitutes available.

Barriers

Refers to obstacles or impediments that hinder progress or the achievement of an objective.

Unique Characteristics

Distinctive attributes or features that set something apart from similar entities.

Rent Controls

are government policies or laws that limit the amount landlords can charge for leasing properties to protect tenants from rapid increases in rent.