To Increase Wages for Its Members,a Craft Union Restricts the Labor

question 34

Multiple Choice

To increase wages for its members,a craft union restricts the labor supply by all of the following except:

• A) Higher initiations fees
• B) Longer apprenticeship periods
• C) Tougher qualification exams
• D) Increase the demand for union-made goods
• E) More restrictive licensing requirements

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Definitions:

Price Ceiling

A legally established maximum price that can be charged for a good or service.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to buy at a specific price.

Market Equilibrium

A situation in a market where the quantity of a product demanded by consumers equals the quantity supplied by producers.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, typically set below the equilibrium price.