What happened in response to passage of the Wagner Act in 1935?
a. Many formerly unionized industries saw a decrease in union activities.
b. Unions formed in most of the mass production industries for the first time.
c. Labor unions were prohibited from controlling hiring at closed shops.
d. Worker alienation and dissatisfaction grew in deregulated industries.
b. Unions formed in most of the mass production industries for the first time.
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Consider the indifference maps shown above. If X and Y are perfect substitutes, your indifference curves between them would look like those in
A) Figure A. B) Figure B. C) Figure C. D) Figure D.
Which of the following statements is FALSE?
A) When the relative price of a good falls, the substitution effect always leads the consumer to substitute more of that good for the other good. B) For a normal good, the income effect reinforces the substitution effect. C) For an inferior good, the income effect offsets the substitution effect. D) For an inferior good, the income effect is positive.
In the long run, the output of a monopolistically competitive firm
a. exceeds that of an otherwise similar perfectly competitive firm b. is less than that of an otherwise similar perfectly competitive firm c. is at the point at which LRAC is minimized d. equals that of an otherwise similar perfectly competitive firm e. is less than that of an otherwise similar monopolist
Explain the significance of voting with suitable examples