In a Basic Model of Wage and Employment Determination with a Monopoly

question 24

Multiple Choice

In a basic model of wage and employment determination with a monopoly union, the monopoly union stipulates the wage. The firm then responds by choosing an employment level that

• A)maximizes profit.
• B)minimizes labor costs.
• C)minimizes the wage.
• D)maximizes strike duration.
• E)maximizes output.

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Definitions:

Price Affect Demand

The relationship between the price of a good or service and the willingness of consumers to buy it, where typically, a higher price leads to lower demand and a lower price leads to higher demand.

Renal Papillae

The apexes of the renal pyramids, which project into the minor calyces of the kidney and through which urine flows into the ureters.

Minor Calyces

Small, funnel-shaped structures in the kidneys that collect urine from the renal pyramids and convey it to the major calyces.

Major Calyces

The large passageways in the kidney that collect urine from the minor calyces and funnel it into the renal pelvis.