Since the passage of the Taft-Hartley Act in 1947, ______.
a. the president cannot seek an injunction to prevent a union strike
b. the union practice of adding unnecessary workers has been outlawed
c. the federal government has strictly monitored union finances
d. workers have had the right to organize and bargain collectively
b. the union practice of adding unnecessary workers has been outlawed
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q236g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />To Mexico, the payoff to cheating is either:
A. $80 million or $110 million.
B. $60 million or $100 million.
C. $100 million or $110 million.
D. $150 million or $200 million.
Suppose two firms in a duopoly implicitly collude and charge a high price. How might each firm benefit from advertising that it will match the lowest price offered by its competitor?
A) The advertisement is meant to suggest to consumers that the offered price is actually the lowest price available. B) The offer to match prices is a way of signaling to antitrust authorities that the firms are not engaged in illegal collusion. C) The advertisement ensures that the other firm does not cheat. If a firm cheats on the agreement and charges the lower price, the rival firm will retaliate by doing the same. D) The offer to match prices is a way of deterring entry by other large firms, thereby keeping the market share of the existing firms intact.
Leaving a handsome tip for the waiter in full view of your dinner date is a
a. Screening mechanism b. Signaling mechanism c. Way to waste money d. None of the above
Charlie is willing to pay $10 for a T-shirt that is priced at $9. If Charlie buys the T-shirt, then his consumer surplus is
A. $19. B. $0.90. C. $1. D. $90.