Unions
What is a Union?
An organization of workers who make decisions together
This market structure has ZERO control over prices
Perfect Competition
How many sellers are there in a monopoly market structure?
ONE
A job requires you to have a masters degree plus five years of experience. Economists say that the wages for that job will be higher because of the...
Screening effect
Some economists argue that education doesn't actually increase your skills but your resume including a degree increases wages. This belief argues for the...
Signaling effects
Process where businesses and unions negotiate a contract.
Collective Bargaining
Monopolistic competition involves companies trying to make their product look one of a kind through advertising, this is called...
Product differentiation
How much power over prices do monopolies have?
Total // Almost total
Economists agree that a PHD on average leads to higher earnings than a high school diploma. They explain this through what effect?
Learning effect
The two limitations to supply and demand of labor are..
Unions and Minimum wage
When unions keep on unnecessary workers it is called...
featherbedding
2-5 companies controlling 70% of the market indicate a...
Oligopoly // Oligopolistic competition
There is only one grocery store in a small Alaskan town, this is best an example of a...
How much schooling, commitment, and what impact your wages?
Experience
A company car, Executive washroom key, and being able to work from home would all be examples of...
Fringe benefits
Legally binding decisions made by a judge during negotiations occur during...
Arbitration
When Oligopolistic companies collude they form a...
Cartel
DTE is an example of what kind of monopoly?
Technological
In what way will the labor market for factory workers shift if you no longer needed any form of diploma to work in the factory (if previously you needed a high school diploma)
Supply of labor will shift right (wages decrease quantity of workers increase)
Perfectly competitive markets have many buyers and sellers, What are other 4 aspects of perfect competition
1. An identical product
2. No barriers to entry and exit
3. Consumers are well informed
4. All producers are price takers
A lockout is...
A tactic where businesses lock workers out of their workplace and refuse to pay them for contracted hours
Q-tips, Band-aids, and Coke are all examples of...
Monopolistic competition
A medical company has an exclusive patent on a new drug. This is best an example of a...
Technological monopoly
The purpose of high school and early college education is...
To showcase trainability // work ethic // that you can care about stuff you don't care about
A 15 point worker signed onto a job and was paid $140000 + 2 perks, how much profit did the company make?
6 points