In Commonwealth v. Hunt (1842) the Supreme Court of Massachusetts
a. established a legal minimum wage in manufacturing.
b. ruled that union members have the right to strike and push for a closed shop.
c. found the Boston Bootmakers' Society guilty of unlawful conspiracy.
d. established the 10-hour day as the legal maximum in manufacturing.
e. All of the above.
b. ruled that union members have the right to strike and push for a closed shop.
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In the long run, a perfectly competitive firm maximizes profit so P = MC = AC.
Answer the following statement true (T) or false (F)
In analyzing the decision to shut down in the short run we assume that the firm's fixed costs are
A) nonmonetary opportunity costs. B) sunk costs. C) implicit costs. D) capital costs.
Which of the following is a necessary condition for government subsidies to influence a firm to choose an output level as if it were a Stackelberg leader?
A) The subsidy must be announced before the firms choose output levels. B) The subsidy must be equal to the firm's marginal cost. C) The subsidy must be equal to the firm's rival's marginal cost. D) The firm does not have any fixed costs.
Suppose you were asked, "Can you guess the height of the tallest living man? Is it more than 8 feet?" When people suggest an answer in the question they ask, it is a form of:
A. anchoring. B. rule of thumb. C. time inconsistency. D. positive framing.