Chapter 28  Wage DeterminitationHomework Questions

1. Contrast a competitive market for labor with one that is monopsonistic. 

 

 

 

2. Depict and contrast how craft and industrial unions try to affect the wages received by their members. 

 

 

 

3. Why might the monopolizing efforts of a monopsony and a union engaged in collective bargaining result in a price and 
    quantity similar to that of a competitive market?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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