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Principles of Economics 3e

Critical Thinking Questions

Principles of Economics 3eCritical Thinking Questions
36.

What is the marginal cost of labor for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony?

37.

Given the decline in union membership over the past 50 years, what does the theory of bilateral monopoly suggest will have happened to the equilibrium level of wages over time? Why?

38.

Are unions and technological improvements complementary? Why or why not?

39.

Will union membership continue to decline? Why or why not?

40.

If it is not profitable to discriminate, why does discrimination persist?

41.

If a company has discriminated against minorities in the past, should it be required to give priority to minority applicants today? Why or why not?

42.

If the United States allows a greater quantity of highly skilled workers, what will be the impact on the average wages of highly skilled employees?

43.

If all countries eliminated all barriers to immigration, would global economic growth increase? Why or why not?

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