« previous next »

Author Question: A monopolist union that desired to maximize its total wage bill ( ) would offer that quantity of ... (Read 47 times)

P68T

  • Hero Member
  • *****
  • Posts: 509
on: Jul 1, 2018
A monopolist union that desired to maximize its total wage bill ( ) would offer that quantity of labor for which
 a. labor's marginal productivity is zero.
  b. labor's wage falls to zero.
  c. the quantity of labor hired is as great as possible given the firm's demand curve.
  d. the marginal revenue from providing one more worker to the market is zero.

Question 2

Consider two situations: In situation A the production of widgets is monopolized by a single firm. In situation B the production of widgets is perfectly competitive. In both situations the supply of labor to widget makers is infinitely elastic at a wage of w. Which of the following statements is true?
 a. The marginal value product of labor will be the same in the two cases.
  b. The marginal value product of labor is higher in case B than in case A.
  c. The marginal value product of labor is higher in case A than in case B.
  d. From the information given it is not possible to make a definite statement about the marginal value product of labor.


randomguy133

  • Sr. Member
  • ****
  • Posts: 310
Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Effects of Living in Total Darkness on Monoaminergic Systems Effects of Living in Total Darkness on Monoaminergic Systems
When Union troops pushed toward Richmond in June of 1862, these slaves crossed the Rappahannock Rive When Union troops pushed toward Richmond in June of 1862, these slaves crossed the Rappahannock Rive
Bill Viola, The Reflecting Pool. Bill Viola, The Reflecting Pool.
Selected Complications of Total Parenteral Nutrition Selected Complications of Total Parenteral Nutrition
Canada Total Energy Consumption by Fuel Type Canada Total Energy Consumption by Fuel Type
Total parenteral nutrition through a catheter in the right subclavian Total parenteral nutrition through a catheter in the right subclavian
Video: Deafness Culture

For a complete list of videos, visit our video library