13) A firm is hiring 9 workers at $7.00 per hour. In order to hire an additional
ID: 2440173 • Letter: 1
Question
13)
A firm is hiring 9 workers at $7.00 per hour. In order to hire an additional (10th) worker it must raise the wage it pays (to all workers) to $7.50 per hour. The marginal factor cost to the firm of hiring the 10th worker is
(2pts)
$138.00
$13.00
$7.00
$7.50
$12.00
14)
In the textbook’s analysis of the objectives of labor unions, the lowest wage rate would result from which objective?
(2pts)
maximize income for a limited number of union members.
bargain collectively.
offset monopsony power
maximize employment for all union members.
maximize the total wage bill.
Policeman's Local #52
United Steel Workers
American Medical Association
Screen Actor's Guild
16)
Which of the following would a union favor as a way to achieve its objectives?
(2pts)
right-to-work laws.
free trade
elimination of the minimum wage.
all the above
none of the above
17)
Successful collective bargaining (on the part of a labor union) will have what effect on the market for labor? It will
(2pts)
decrease the supply of labor.
decrease the demand for labor.
increase the supply of labor.
increase the demand for labor.
make the supply of labor curve horizontal at the wage specified in the contract.
Policeman's Local #52
Select One employee association industrial union public employee union trade unionUnited Steel Workers
Select One employee association industrial union public employee union trade unionAmerican Medical Association
Select One employee association industrial union public employee union trade unionScreen Actor's Guild
Select One employee association industrial union public employee union trade unionExplanation / Answer
13. The marginal factor cost to the firm of hiring the 10th worker is = 0.50*9+7.50 =$12.00
Hence the correct option is $12.00
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