The union representing the bread makers at the Hostess Bread Company went on strike and demanded higher wages than what the firm wanted to pay.
I. If the firm is in a competitive labor market the union can only raise wages by decreasing employment.
II. If the firm is a monopsony in the labor market the union can only raise wages by decreasing employment.
III. If the firm is a monopsony in the labor market the union can both raise wages and increase employment.
A) I only
B) II only
C) I and II
D) I and III
Question 2
All along the beach in San Diego, California are shops which rent boogie boards for 3 per hour. Tourists perceive that all rental boogie boards are identical and there are no restrictions on entry and exit in the boogie board market.
Suppose Surf's Up is a boogie board rental shop. To maximize profits, Surf's Up would produce a quantity where A) Marginal revenue is greater than marginal cost.
B) Marginal revenue is equal to marginal cost.
C) Marginal revenue is less than marginal cost.
D) Price is maximized.
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