econ 5

The monopsonistic exploitation of labor refers to2.Featherbedding is the term for3.Which of the following statements about a perfectly competitive market are true?      I.    The perfectly competitive industry faces an upward-sloping labor supply curve      II.   The individual firm in a perfectly competitive industry faces a perfectly elastic labor supply curve.4.The firms demand for labor curve is itsaverage product of labor curve.marginal product of labor curve.marginal revenue product of labor curve.average revenue product of labor curve.5.The demand for computers increases. As a result,6.The type of labor agreement that requires workers to be union members prior to being considered for employment is a7.When an input represents a small proportion of a firm’s total costs, then8.Suppose there are four industries. Labor costs are 80 percent of total costs in industry A, 60 percent in B, 45 percent in C, and 10 percent in D. In which of these industries will a 10 percent increase in the price of labor reduce quantity demanded of labor by the largest proportion?9.The demand curve for labor will shift whenever10.The monopolist’s input demand curve is equal to its11.The Knights of Labor was                        12.The Wagner Act                        13.The United Auto Workers is an example of14.The percentage of U.S. workers in the private sector who belong to unions is currently15.A state with “right-to-work” laws would most likely have16.A right-to-work state is one in which17.A union is striking a steel company, and then, to put more pressure on the steel company, also begins a strike against an auto company that buys steel from the steel company. This latter action is18.For a perfectly competitive firm, the value of the marginal product is19.The marginal factor cost is the20.A firm should hire workers up to the point where21.A disagreement involving two or more unions over which should have control over a particular firm or industry is22.A right-to-work law makes it illegal23.Which statement concerning powers granted the President of the United States by the Taft-Hartley Act is true?24.Which of the following is not a wage or employment strategy that a union would follow?25.For a monopsonist the marginal cost of increasing its workforce will always be greater than the wage rate because