True or False:
1. An increase in the demand for a good will increase the demand for labor.
2. A decrease in the nonwage income of workers would shift the labor supply curve to the right.
3. The wage premium paid to union workers shows that all workers benefit from the activity of unions.
4. If unions are successful in obtaining higher wages, it causes employment to rise in the union sector but fall in the nonunion sector.
5. Monopsony as a market structure is considered most relevant to the labor market, in the real world.
6. If a person is willing to move, any employers’ monopsony power will be reduced, other things equal.
7. Monopsony power tends to increase wages in a market.
8. Monopsony power tends to reduce output in a market.
9. Before the Civil War, labor unions were few, weak, and short-lived.
10. Early union demands were primarily for higher wages.