Describe the wage-employment outcome in a model of monopoly, Macroeconomics

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Describe the wage-employment outcome in a model of monopoly

Problem

1. Describe the wage-employment outcome in a model of monopoly unionism. Explain why (and in what sense) this wage-employment outcome is inefficient.

2. Describe how we calculate the percentage decline in national income resulting from the misallocation of labor in a model of monopoly unionism. What is the dollar value of this allocative inefficiency if unions and firms reach efficient contracts and the contract curve is vertical?

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Macroeconomics: Describe the wage-employment outcome in a model of monopoly

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Macroeconomics: Describe the wage-employment outcome in a model of monopoly

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