Discuss the correct and incorrect economic analysis in the following statement.
The United Auto Workers Union has successfully negotiated a 9 percent increase in wages for its workers.
This increase in the wage rate causes an increase in demand for automobiles, since many consumers now have greater incomes, and also a decrease in the supply of automobiles because the cost of production has increased. These effects cancel each other out resulting in no change in equilibrium price and quantity in the automobile market.
Question 2
Which of the following are examples of explicit costs a firm might incur?
A) rent paid to the landlord B) wages earned by delivery drivers
C) taxes owed to the IRS D) All of the above are examples of explicit costs.
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