Which of the following is not correct?
a. When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand.
b. Like any cartel, a union is a group of sellers acting together in the hope of exerting their joint market power.
c. The process by which unions and firms agree on the terms of employment is called a strike.
d. Most workers in the U.S. economy are not members of a union.
c
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Discuss Amazon’s barriers of entry over others trying to enter the market
What will be an ideal response?
An increase in price:
A. cannot cause a quantity effect. B. causes an increase in quantity demanded. C. causes a decrease in revenue resulting from selling fewer units and a simultaneous increase in revenue resulting from receiving a higher price. D. cannot cause a price effect.
Disposable income is obtained by
a. subtracting personal income taxes from personal income. b. subtracting personal income taxes from national income. c. adding transfer payments to national income. d. adding transfer payments to personal income.
Robin owns a horse stables and riding academy and gives riding lessons for children at "pony camp.". Her business operates in a competitive industry. Robin gives riding lessons to 20 children per month. Her monthly total revenue is $4,000 . The marginal cost of pony camp is $250 per child. In order to maximize profits, Robin should
a. give riding lessons to more than 20 children per month. b. give riding lessons to fewer than 20 children per month. c. continue to give riding lessons to 20 children per month. d. We do not have enough information to answer the question.