Craft Unions Typically Attempt to Increase Wage Rates By

question 125

Multiple Choice

Craft unions typically attempt to increase wage rates by:

• A) imposing an above-equilibrium wage rate on employers.
• B) increasing the demand for labor.
• C) decreasing the supply of labor.
• D) forming a bilateral monopoly.

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Definitions:

Production Possibility Frontier

A graph that shows the highest possible production levels for two different products, using specific resources.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision, representing the potential benefits missed.

Inward

Often used in economics to describe movements towards the center of an economic system, such as inward investment, referring to investment in domestic resources from foreign entities.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision, representing the benefits one could have received by taking the alternative action.