Author Question: The existence of a union A) has no effect on labor supply and demand. B) affects labor supply ... (Read 116 times)

jazziefee

  • Hero Member
  • *****
  • Posts: 505
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

  • Sr. Member
  • ****
  • Posts: 350
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

For a complete list of videos, visit our video library