In the competitive model of the aggregate labour market, a result of collective bargaining by labour unions, the real wage is set at a level greater than the competitive real wage. This will:

Question

Accepted Answer

result in an excess supply for labour.

Answer

make all labour force participants better off.

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none of the above (or below).

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make all labour force participants worse off.

Answer

force business to pay a real wage that is greater than the marginal product of labour.

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In the competitive model of the aggregate labour market, a result of collective ...

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