Which of the Following Is Correct

question 33

Multiple Choice

Which of the following is correct?

• A)In unionized industries,wages are below the level that would prevail in competitive markets.
• B)The introduction of a union in an industry increases the quantity of labor demanded in that industry,causes some workers in that industry to be unemployed,and increases wages in the rest of the economy.
• C)Critics argue that the allocation of labor resulting from unions is both inefficient and inequitable.
• D)All of the above are correct.

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Definitions:

Zinnias

Brightly colored flowers, belonging to the sunflower tribe within the daisy family, known for their long-lasting blooms and variety in size and color.

Utility Function

An economic model that maps an individual's preference rankings for various bundles of goods onto a set of numerical values.

Price

The financial value anticipated, necessitated, or offered in return for a service or good.

Income

Money received on a regular basis from work, property, business, investment, or welfare.