Critics of unions argue that unions cause the allocation of labor to be inefficient and inequitable
a. True
b. False
Indicate whether the statement is true or false
True
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Along a linear downward-sloping demand curve, the price elasticity of demand will be
A. equal to zero across each price range. B. greater than one across each price range. C. different across each price range. D. less than one across each price range.
As a person consumes more of a good, the
A) marginal benefit increases. B) marginal benefit decreases. C) marginal benefit increases or decreases depending whether or not the economy is on the PPF. D) price of the good falls.
All else equal, two firms in a Chamberlin oligopoly will charge a ________ price than two firms in a Cournot oligopoly and earn ________ economic profit.
A) higher; less B) higher; more C) lower; more D) lower; less
"A firm should continue to hire more workers as long as wages are low." Do you agree or disagree? Why?
What will be an ideal response?