Suppose That Wages Paid to Both Factory Workers and Construction

question 72

Multiple Choice

Suppose that wages paid to both factory workers and construction workers in a perfectly competitive factor market is $15 per hour.If the market for factory workers becomes unionized, you would expect:

• A) an increase in the supply of factory workers.
• B) an increase in the wage rate for factory workers.
• C) an increase in the wage rate for construction workers.
• D) no change in the wage rate for either factory workers or construction workers.

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Definitions:

Interval

A distinct, measurable distance between two points or objects, often referring to time or space.

Ratio

A mathematical expression that represents the relationship between two numbers, showing how many times one value contains or is contained within the other.

Interval Reinforcement

A conditioning schedule where a response is rewarded after a variable amount of time has passed, in behavioral psychology.

Schedule of Reinforcement

A strategy in behavioral psychology determining when and how often a response will be reinforced.