Contract negotiations between an employer and a labor union representing workers are referred to as:
A) collective bargaining. B) contractualization of employment.
C) treaties. D) crowding out.
A
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Which of the following characteristics apply to both monopoly and monopolistic competition? a. Marginal revenue exceeds marginal cost at equilibrium
b. Average revenue exceeds both marginal cost and marginal revenue at equilibrium. c. Marginal revenue exceeds average revenue at equilibrium. d. Marginal revenue and marginal cost are equal and exceed price at equilibrium.
If a firm enlarges its factory size and realizes higher average costs of production then
a. it has experienced economies of scale. b. it has experienced diseconomies of scale. c. it has experienced constant returns to scale. d. the long-run average cost curve slopes downward. e. the long-run average cost curve shifts upward.
Direct controls work only if the legal system imposes substantial penalties on violators.
Answer the following statement true (T) or false (F)
A monopolist can perfectly price discriminate:
A. when it can distinguish consumers with a high versus low willingness to pay. B. when it offers a menu of alternatives, designed so that different customers will make different choices based on their willingness to pay. C. if it knows perfectly the customer's willingness to pay for each unit its sells and can charge a different price for each unit. D. whenever it chooses to as a result of its market power.