The legislature is at a bargaining disadvantage with a bureau because _____
a. they have many bureaus to oversee
b. its members reveal their demand for the good through speeches and public statements
c. they typically obtain all their information from the bureau
d. all of the above
e. a and c
d
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Economists assume consumers select a bundle of goods that maximizes their well-being subject to
A) their budget constraint. B) their income. C) relative prices. D) their marginal rate of substitution.
Platform monopolies:
A. provide an importance service, but present new types of antitrust problems. B. are bad because they earn monopoly profits. C. earn low profits because of network externalities and ought to be broken up. D. are good because they earn monopoly profits.
A company can hire non-union workers, but a condition of their employment is that they must join the union within their first 90 days on the job. This is an example of a
A. closed-shop. B. union shop. C. voluntary craft union. D. right-to-work law.
Import quotas on products will reduce the quantity of the imported products and:
A. Decrease the price to the consumers B. Increase the price to the consumers C. Will not affect the price to the consumers D. Increase the total quantity of the product consumed