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Author Question: The existence of a union A) has no effect on labor supply and demand. B) affects labor supply ... (Read 102 times)

jazziefee

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on: Jun 29, 2018
The existence of a union
 
  A) has no effect on labor supply and demand.
  B) affects labor supply only.
  C) affects labor demand only.
  D) can affect both labor supply and labor demand.

Question 2

What is the significance of the concepts consumer surplus and producer surplus?
 
  What will be an ideal response?


Eunice618

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Each is a measure of economic welfare or well-being. The more consumer surplus a buyer can gain from a transaction, the greater is consumer welfare. The more producer surplus a seller can gain from a transaction, the greater is producer welfare. Total surplus is equal to the sum of consumer and producer surplus.


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