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Economics
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31 Oct 2020

14. When there is market power on both sides of the labor market, in other words, when a union meets a monopsony? Economists call such a situation a

a. monopoly

b. bilateral monopoly

c. labor market oligopoly

d. labor market competitiveness

Booster class
Microeconomics
Skill
Explaining the concept of Labor union
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Raushan Raj
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31 Oct 2020
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Related questions

Suppose that all workers in a town belong to a union (monopoly union) and there is a single firm (monopsony) hiring labor in the town. Now, suppose that the supply for labor function the monopsony faces is LS = w (where w refers to wages per day) and the demand for labor function faced by the monopoly union is LD = 90 รขย€ย“ 3w. a. Find the wage rate and number of workers that the firm (the monopsony) would like to hire. b. Find the wage rate and level of employment that the union would seek if it behaved as a monopolist union. c. What is the likely outcome?

7. Which of the following condition is most likely to lead to a rise in union bargaining power?

a. Increase in the percentage of the workforce in the union.

b. Increased competition in the product market.

c. Relatively high elasticity of demand for labor

d. Monopoly in the labor market.

1. Which market structure is characterized by a few interdependent firms?

A) Monopoly.

B) Perfect competition.

C) Monopolist competition.

D) Oligopoly.

ย 

2. The correct ranking (put in order) of the degree of market power (from highest to lowest) is

A) Monopoly, monopolistic competition, perfect competition, oligopoly

B) Monopoly, monopolistic competition, oligopoly, perfect competition.

C) Monopoly, oligopoly, monopolistic competition, perfect competition.

D) Oligopoly, monopoly, monopolistic competition, perfect competition.

ย 

3. The term monopolistic competition

A) is an alternate expression for monopoly

B) is used to describe perfect competition with strong entry barriers.

C) denotes an industry with one seller of many differentiated products

D) denotes an industry with many sellers of differentiated products.

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