The class that owns the mode of production is in the dominant position and exploits the other classes. This exploitation creates antagonism, or class struggle, which eventually bursts into internal contradictions. bloated markets. cyclical depressions. revolution.
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- Explain the impact that supply and demand have on pricing. Include how supply and demand is influenced by the labor market and the role of the labor union. Also, compare and contrast the impact different types of market structures have on supply and demand.1. Are the curves the same or different? If they are different, which one is higher? A. They are the same. B. They are different;the MRC curve is higher. C. They are different;the labor supply curve is higher. 2. What is the competitive equilibrium wage rate? $___? What is the equilibrium level of employment? ___unit(s) of labor 3. What is the wage rate under monopsonistic conditions? $___? What is the equilibrium level of employment under monopsonistic conditions? ___unit(s) of labor By how much does the monopsonistic reduce wages below the competitive wage? $___? By how much does the monopsonist reduce employment below the competitive level? ___unit(s) of laborThe demand for labor isa. derived demand.b. featherbedding demand.c. marginal utility demand.d. All of the answers above are correct.
- (1) If the demand for product Y increases significantly, then A- the demand for the labor used to make Y decreases. B-the quantity of labor supplied to produce Y will decrease. C-the supply of labor to produce Y will increase. D-only the quantity demanded of labor increases E-the demand for the labor used to make Y increases (2)If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being produced? Assume a perfectly competitive output market. A- $5. B-$12. C-$15. D-$18. E-$45QUESTION 7 Which of the following will result in a leftward shift of the market demand curve for labor (ceteris paribus)? a. an increase in labor productivity b.a decrease in the firm's product price Oc an increase in demand for the firm's product Od an increase in the wage rateA professional basketball players' union negotiates a contract that dramatically increases all players' salaries. How would this influence the opportunity cost for a player who was considering giving up basketball to pursue a career in broadcasting? Select one: Oa. it would increase the opportunity cost of continuing to play professional basketball O b. it should have no bearing on the player's decision from an economic standpoint it would not affect the opportunity cost of playing basketball or of broadcasting O d. it would increase the opportunity cost of becoming a broadcaster
- The Geneva Watch Corporation manufactures watches on a conveyor belt with six stations. One worker stands at each station and performs the following tasks:Workers get paid $10 per hour. You can ignore any idle time of workers resulting from the beginning or the end of the day. a. What is the labor content? b. Assume a demand rate of 50 watches per hour. What is the takt time? c. Assume a demand rate of 50 watches per hour. What is the target manpower? d. An external supplier suggests shipping the battery module with preinstalled batteries, thereby eliminating the need for step 10. How would that impact process capacity? e. How could you increase the capacity of the process by rebalancing it?Which of the following is characteristic of a labor market that is a monopsony? Multiple Choice О The supply curve for labor lies above the marginal resource cost curve of the firm. О The type of labor available is relatively mobile from one industry to another. The firm's employment is a small portion of the total employment of that type of labor. The wage rate the firm must pay varies directly with the number of workers it employs.1. Why is a firm's demand for labor considered a 'derived demand?' What is it derived from? 2. The marginal cost of labor (MCL) is equal to what for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony.
- 1.In the goods market, we have prices; in the labor market, we have wages or salaries; in the financial market, we have: A)credit B)interest rates C)usury D)principal 2.A certain mining company employs all the workers in a small mountainous community. If all the people of this community do not work for other companies, one can say that the situation with the mining company is a form of: A)Monopsony B)Oligopoly C)Monopoly D)Oligopsony 3.Through collective bargaining, labor unions can negotiate higher wages for union members. However, this might cause _______________ when these union wages are higher than the market equilibrium. A)affirmative action B)a labor strike C)excess demand for labor D)excess supply of labor 4.According to studies, the gap between the earnings of male and female workers can be explained by: A)all the options are correct B)the percentage of men vs. women in top positions in companies C)the expectations that women are likely to bear a…the supply of labor will not change if all pricess and wage rates increase by the same percentage? is that is falseAccording to the textbook, if firms are competitive, then labor-market discrimination is Select one: А. certain to be more of a problem than if the market were monopolistic or imperfectly competitive. В. certain to be nonexistent in the short run and in the long run. C. not likely to be a long-run problem unless customers exhibit discriminatory preferences or government maintains discriminatory policies. D. more likely to be a problem in the long run than in the short run, due to the zero- profit condition that characterizes long- run equilibrium for competitive firms. Е. Both A and D