Multiple choice question1.) Which of the following is likely to increase the demand for union labor?a) an increase in the demand for the product produced by union workerb) an increase in the supply of...

Multiple choice question1.) Which of the following is likely to increase the demand for union labor?a) an increase in the demand for the product produced by union workerb) an increase in the supply of union workerC) none of the aboveD) a study indicating that union workers are less productive than nonunion workers2.) which of the following would lead to an increase in union wages?a)decreasing the relative inelasticity of demand for the union made productb) all of the above would lead to an increase in union wagesC) using the threat of a striked) decreasing the demand for the product produced by union member3) which of the following best describes a labor union?a) a group of worker organized to motivate each other in tough economic timeb) a group of workers organized to increase revenue for the company they work for by being productivec) a groups of worker organized to increase job security and improve work condition and wagesd) a group of worker organized to decrease discrimination4) The demand for labor:a) depend on the demand for the output the labor can be used to produceb) all of the abovec) is a derived demandd) is affected by the value placed by the market on the output produced by labor.5) Adverse selection describes the situation that occurs when:a) low quality products are driven from the market by high quality product because of imperfect informationb) people have perfect informationc) high quality products are driven from the market by low quality product due to imperfect informationd) action that were expected to happen do not occur.6) what will happen if a second firm enters a natural monopolistic market?a) It will have no effect on the profit of the first firm.b) The demand curve of the typical firm will shift to the left.c) The profit will be reduced to zero for both firms.d) The demand curve will lay above the long run average cost curve.7) Natural monopoly is typically characterized by:a) large and increasing marginal costb) a long run average cost curve being positively sloped and steep.c) a long run average cost curve being negatively sloped and steep.d) low and increasing marginal cost8) when a second firm enter a monopolists market, the monopolists marginal revenue curve will:a) none of the aboveb) shift to the left as its initial demand curve shift to the leftc) remain the samed) shift to the right as its initial demand curve shift to the right