A possible benefit of unions is lower turnover among workers, which in turn leads to lower training costs.
Answer the following statement true (T) or false (F)
True
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When negative externalities are present in a market, it means that:
A. private costs are less than social costs. B. private costs are less than external costs. C. social costs are less than external costs. D. external costs are equal to social costs.
Approximately how much of the income in the United States is earned by workers in the form of wages and fringe benefits?
a. 25 percent b. 50 percent c. 67 percent d. 90 percent
The prisoner's dilemma game:
A. is a zero sum game. B. is a game of chance. C. is a game with a stable equilibrium. D. is a game with no dominant strategies.
During a drought, the price elasticity of demand for water is less than one. During a flood, the price elasticity of demand for water is greater than one. This means that the:
a. demand for water is elastic during a drought and inelastic during a flood. b. demand for water is inelastic during a drought and elastic during a flood. c. demand curve for water cannot have a constant slope. d. quantity of water people choose to consume is independent of the price