Multiple Choice
Suppose a union successfully negotiates a wage rate for its members that is above the competitive wage rate, then
A) the quantity of labor demanded will be greater than the quantity supplied.
B) the quantity of labor demanded will be less than the quantity supplied.
C) the labor market will be in equilibrium.
D) it is impossible to tell whether or not the labor market will be in equilibrium without more information.
Correct Answer:
Verified
Correct Answer:
Verified
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