Suppose a town has only one employer and all of its workers belong to one labor union. You would expect these workers' wage rates to be:
A) equal to the competitive wage rate.
B) less than the competitive wage rate because there is only one employer.
C) greater than the competitive wage rate because one union represents all the workers.
D) less or greater than the competitive wage rate, depending on whether the employer or the union has greater bargaining power.
Correct Answer:
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