FIGURE 14-2 -Refer to Figure 14-2.Suppose the Labour Market Is Initially in Initially

question 26

Multiple Choice

FIGURE 14-2
-Refer to Figure 14-2.Suppose the labour market is initially in a monopsonistic equilibrium.If a strong union is then formed and establishes a minimum wage of W₁,

• A)employment will decrease to Q₂.
• B)the wage rate and employment will both increase to their competitive levels.
• C)the wage rate will increase but employment will decrease.
• D)there will be an effect on either wages or employment but not both.
• E)the wage rate will decrease but employment will increase.

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Definitions:

Ladder Program

A graphical programming language used in industrial automation that represents circuits and logic control through symbols resembling a ladder.

File Word

Represents a unit of data storage that is typically a fixed number of bits or bytes long, used within a file to store information.

Sequencer Word File

In PLC systems, a sequencer word file is used to manage a series of outputs or execute a sequence of operations based on a predefined order stored within the PLC’s memory.

Output Word

A group of bits or a digital signal that is produced by a computer or PLC, representing a piece of output information.