Labor Union Workers Have _____ Average Earnings Than Nonunion Workers

question 99

Multiple Choice

Labor union workers have _____ average earnings than nonunion workers, which results in a _____ quantity demanded of union labor.

• A) lower; higher
• B) lower; smaller
• C) higher; higher
• D) higher; smaller

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Definitions:

Residential Use

Pertains to property or resources utilized for dwelling purposes, including houses and apartments designed for people to live in.

Commercial Use

The use of products, services, or information for business purposes or financial gain, as opposed to personal or educational use.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a resource, such as labor or capital, holding all other input factors constant, crucial in determining how many resources a firm should hire or use.

Productivity

A measure of the efficiency of production, usually calculated as the ratio of output produced to inputs used.