Laws that prohibit collective bargaining agreements requiring a worker to join a union as a condition of employment are called
a. collective bargaining agreements.
b. minimum wage laws.
c. union shop laws.
d. right-to-work laws.
D
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Some observers assert that oligopolies are less socially desirable than pure monopolies because
A) monopolies are often government-regulated, whereas collusion among oligopolies may lead to similar results as a monopoly yet, having several firms, may give the illusion of competition.
B) monopolies have unique products, whereas product differentiation in oligopolies would lead to economic inefficiencies.
C) mutual interdependence among firms in an oligopoly would lead to more inefficiencies than in the case of a monopoly.
D) oligopolies tend to engage in advertising more so than monopolies.
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Real GDP values current output of goods and services at their current prices.
Answer the following statement true (T) or false (F)
What is the lowest price the firm would accept in the short run?
