Which of the following are reasons that wage rates may not decline even if there is a surplus of labor in the labor market? Check all that apply. Employees and labor unions resisting wage cuts Long-term contractual agreements Efficiency wages Cost-of-living increases
Which of the following are reasons that wage rates may not decline even if there is a surplus of labor in the labor market? Check all that apply. Employees and labor unions resisting wage cuts Long-term contractual agreements Efficiency wages Cost-of-living increases
Chapter1: Making Economics Decisions
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Transcribed Image Text:Which of the following are reasons that wage rates may not decline even if there is a surplus of labor in the labor market? Check all that apply.
Employees and labor unions resisting wage cuts
Long-term contractual agreements
Efficiency wages
Cost-of-living increases

Transcribed Image Text:>
If 8 million kegs of beer are sold,
, which means that:
It would be fairer for society to devote fewer resources to the production of beer.
It would be more efficient for society to devote more resources to the production of beer.
It would be more efficient for society to devote fewer resources to the production of beer.
It would be fairer for society to devote more resources to the production of beer.
If 24 million kegs of beer are sold,
, which means that:
It would be fairer for society to devote more resources to the production of beer.
It would be more efficient for society to devote fewer resources to the production of beer.
It would be more efficient for society to devote more resources to the production of beer.
It would be fairer for society to devote fewer resources to the production of beer.
The efficient allocation of resources would result in the production of
kegs of beer.
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