Many unions attempt to raise the hourly wages, received by their members, by restricting the...
Question:
Many unions attempt to raise the hourly wages, received by their members, by restricting the supply of workers, firms can hire from. Assuming the demand for workers, who belong to these unions, is inelastic, this would cause:
a. wages of individual union members and the total (combined) income of union members to increase.
b. wages of individual union members to increase and the total (combined) income of union members to decrease.
c. wages of individual union members and the total (combined) income of union members to decrease.
d. wages of individual union members to decrease and the total (combined) income of union members to increase.
Labor Market
Labor market serves in the context of labor where demand and supply of the labor give the determined value of wages and the number of hour?s labor worked. Labor denotes one of the most important factors of production in economic growth.
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The Labor Market in Economics
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Chapter 8 / Lesson 4
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In economics, labor is subject to the laws of supply and demand. Learn about the labor market in economics. Explore scarcity in labor, review why CEOs make more money than teachers, and examine the impact of market forces on the labor market.
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