Ch_14 Labor Market Vocabulary

Affirmative action is:

• a policy favoring those who tend to suffer from discrimination

• a law that mandates equal pay for all employees

• a program that provides free education to underprivileged children

• a government initiative to reduce taxes for small businesses

Define bilateral monopoly.

• A market structure with a single buyer and a single seller

• A market structure with multiple buyers and a single seller

• A market structure with a single buyer and multiple sellers

• A market structure with multiple buyers and multiple sellers

Collective bargaining is a process of negotiation between:

• employers and employees

• government and citizens

• students and teachers

• buyers and sellers

Explain the demand for labor.

• The demand for labor is the total amount of workers that employers want to hire at a given wage rate.

• The demand for labor is the total number of jobs available in the economy.

• The demand for labor is the number of people willing to work at a given wage rate.

• The demand for labor is the total number of hours worked by employees.

Discrimination in the context of labor markets refers to:

• Unequal treatment of employees based on race, gender, or other characteristics

• Fair treatment of all employees regardless of their background

• Providing equal opportunities to all job applicants

• Ensuring diversity in the workplace

What is the first rule of labor markets?

• Supply creates its own demand.

• Demand creates its own supply.

• Wages are determined by supply and demand.

• Labor markets are always in equilibrium.

Labor union is defined as:

• A group of workers who join together to negotiate with employers for better terms and conditions at work.

• A government agency that regulates employment laws.

• A type of business organization that focuses on profit-making.

• An individual worker's personal contract with an employer.

The marginal cost of labor is:

• the additional cost of hiring one more worker.

• the total cost of all workers.

• the average cost of workers.

• the fixed cost of labor.

Market power in labor markets refers to:

• The ability of workers to set their own wages.

• The influence of employers over wage levels and employment conditions.

• The role of government in regulating labor markets.

• The impact of international trade on local employment.

What is a monopsony?

• A market structure with a single buyer and many sellers

• A market structure with a single seller and many buyers

• A market structure with many buyers and many sellers

• A market structure with no buyers and sellers