All of the following are benefits of labor unions EXCEPT
A) unions reduce wage inequity.
B) unions increase the stability of the workforce.
C) unions give workers a political voice.
D) unions maximize employment for all workers.
D
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In most areas, there are a large number of qualified primary care physicians whose services are highly personalized. In addition to price, factors such as age, sex, location, and personality influence the choice of physician. The primary care physician market is probably: a. perfectly competitive
b. oligopolistic. c. monopolistic. d. monopolistically competitive.
Economic profit is accounting profit minus the cost of capital
Indicate whether the statement is true or false
The labor supply curve facing a monopsonist is
a. downward sloping b. upward sloping c. a horizontal line d. backward bending e. a vertical line
In a perfectly contestable market in the long run, each firm
a. produces at the minimum point on its long-run average total cost curve. b. earns a profit below its opportunity cost of capital. c. avoids making capital expenditures. d. All of the above are correct.