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14 • Critical Thinking Questions 357

20. Would you expect the presence of labor unions to lead to higher or lower pay for worker-members? Would

you expect a higher or lower quantity of workers hired by those employers? Explain briefly.

21. What are the main causes for the recent trends in union membership rates in the United States? Why are

union rates lower in the United States than in many other developed countries?

22. What is a monopsony?

23. What is the marginal cost of labor?

24. How does monopsony affect the equilibrium wage and employment levels?

25. What is a bilateral monopoly?

26. How does a bilateral monopoly affect the equilibrium wage and employment levels compared to a

perfectly competitive labor market?

27. Describe how the earnings gap between men and women has evolved in recent decades.

28. Describe how the earnings gap between Black and White people has evolved in recent decades.
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