In the United States:
A. whites have higher unionization rates than African Americans.
B. men have higher unionization rates than women.
C. managers have higher unionization rates than transportation workers.
D. workers in mining have higher unionization rates than workers in government.
Answer: B
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Which of the following offers the fullest explanation of why "price equals marginal cost" is the rule from marginal analysis that indicates the profit-maximizing output level?
a. If output were reduced from the profit-maximizing level, then the firm would be giving up marginal revenue that exceeds marginal cost, and thus reducing the level of profit. b. If output were increased from the profit-maximizing level, then the firm would be gaining marginal revenue that is less than the marginal cost incurred in producing this additional unit, and thus reducing the level of profit. c. Because the firm colludes with other similar firms to set price equal to marginal cost. d. Both a. and b. above are correct.
When an economy is operating with maximum efficiency, the production of more of commodity A will entail the production of less of commodity B because
A. resources are specialized and cannot be easily reallocated. B. resources are limited. C. the structure of demand is fixed at any point in time. D. material wants are insatiable.
The demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply of seats is fixed. If the university can only charge a single price and wishes to maximize the total number of seats purchased during the day, it should set the price
A) at equilibrium for 8 a.m. classes. B) at equilibrium for 10 a.m. classes. C) midway between the two equilibria. D) below either 8 a.m. or 10 a.m. equilibrium price.
Refer to the graph shown. If regulators wanted this monopolist to earn only a normal profit, they would set price equal to:
A. $3. B. $12.00. C. $2. D. $8.