In a famous series of commercials, the International Ladies' Garment Workers Union (ILGWU) urged buyers to "look for the union label" and to avoid buying clothes not made by ILGWU members. Through the commercials, the ILGWU tried to attain its goals by
a. restricting the number of ILGWU members.
b. featherbedding.
c. raising the marginal revenue products of ILGWU members.
d. creating lower prices for goods made by ILGWU members.
c
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Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. April's opportunity cost of painting one snowboard is painting
A) 1.5 kites. B) 3 kites. C) 4 kites. D) 12 kites.
The loss of total market share of steel in the world market for steel can be blamed on steel producers' decisions to not adopt the latest steel technology
The producers in other countries that adopted it gained market share at the expense of the U.S. Indicate whether the statement is true or false
Which is true with respect to the demand data confronting a monopolist?
A. Demand is perfectly price inelastic. B. Price increases as the output of the firm increases. C. Marginal revenue is less than price. D. Marginal revenue increases as price decreases.
Related to the Economics in Practice on page 203: The price of hot dogs sold from a cart in New York's Central Park is much higher than the standard price elsewhere in New York. Which of the following, if true, would provide the best explanation for this difference?
A. The standard price of hot dogs in New York is higher than the standard price of hot dogs in other cities. B. Almost all hot dog vendors sell essentially the same product: a standard quality-certified hot dog and two varieties of mustard. C. Only licensed vendors may sell hot dogs from a cart, and the price of that license is higher for sales in Central Park than it is for sales elsewhere in New York. D. In Central Park, prices for hamburgers and other foods are typically higher than they are outside of Central Park.