Chapter 14

Question 1

Affirmative action

Answer 1

Active efforts by government or businesses that give special rights to minorities in hiring,promotion, or access to education to make up for past discrimination

Question 2

Bilateral monopoly

Answer 2

A labor market with a monopsony on the demand side and the union on the supply side

Question 3

Collective bargaining

Answer 3

Negotiations between a union and firm(s)

Question 4

Discrimination

Answer 4

Actions based on the belief that members of a certain group(s) are in some way inferior solely because of a factot such as race,gender,sex,religion

Question 5

First rule of labor markets

Answer 5

An employer will never pay a worker more than the value of the worker’s marginal productivity to the firm

Question 6

Monopsony

Answer 6

A labor market where there is only one employer

Question 7

Perfectly competitive labor market

Answer 7

A labor market where neither suppliers of labor nor demanders of labor have any market power; thus, an employer can hire all the workers they would like at the going market wage