In Order to Change the Demand for Union Labor, Unions

question 162

Multiple Choice

In order to change the demand for union labor, unions favor all of the following EXCEPT increasing

• A) the minimum wage.
• B) import restrictions.
• C) immigration.
• D) job training for members.

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Definitions:

Economic Profits

The contrast between aggregate sales and cumulative expenditures, including both disclosed and undeclared costs.

Long Run

A period during which all factors of production and costs can be varied, without any fixed factors or constraints.

Profit Per Unit

The difference between the selling price and the cost of one unit of a product, indicating how much profit is made from selling a single unit.

Restaurant Market

A sector of the economy comprised of businesses that prepare and serve food and beverages to customers.