When a Union Raises the Wage Above the Equilibrium Level

question 433

Multiple Choice

When a union raises the wage above the equilibrium level,

• A)the quantity of labor supplied and unemployment both rise.
• B)the quantity of labor supplied and unemployment both fall.
• C)the quantity of labor supplied rises and unemployment falls.
• D)the quantity of labor supplied falls and unemployment rises.

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Definitions:

Secured Transaction

A secured transaction involves a security interest in personal property, which serves as collateral for repayment of a debt or performance of an obligation.

Personal Property

Items of property that are not attached to real estate, such as vehicles, furniture, and electronics.

Debt

An amount of money borrowed by one party from another, typically with the condition that it is to be repaid with interest.

Security Agreement

A legal document that provides a lender a security interest in a specified asset or property that serves as collateral for a loan.