When a labor union restricts the supply of labor to the factor market and the union wage is increased as a result, the difference between the union wage and the minimum wage required to hire these laborers in the absence of a union is called

0 votes
     economic rent.
      the opportunity cost of union membership.
      consumer surplus.
      None of the above.
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

0 votes
economic rent.
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)



...