Union shops never face competition from substitute labor.
Answer the following statement true (T) or false (F)
False
Even union shops are subject to potential competition from substitute labor, especially during a recession.
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An optimizing consumer has to choose between two goods–Good A priced at PA and Good B priced at PB
Given that MBA is the marginal benefit from consuming Good A and MBB is the marginal benefit from consuming Good B, the consumer's well-being will be maximized at the point where: A) MBA = MBB. B) MBA/PB=MBB/PA. C) MBA/PA = MBB/PB. D) MBA = MBB/PB.
Consider the following game in which two firms decide how much of a homogeneous good to produce
The annual profit payoffs for each firm are stated in the cell of the game matrix, and Firm A's payoffs appear first in the payoff pairs: Firm B - low output Firm B - high output Firm A - low output 300, 250 200, 100 Firm A - high output 200, 75 75, 50 What are the dominant strategies in this game? A) Both firms produce low levels of output B) Both firms produce high levels of output C) Firm A's dominant strategy is to produce low levels of output, but Firm B does not have a dominant strategy. D) Firm B's dominant strategy is to produce low levels of output, but Firm A does not have a dominant strategy. E) Neither firm has a dominant strategy
A Herfindahl index of 10,000 suggests:
A. perfect competition. B. monopolistic competition. C. oligopoly. D. monopoly.
A firm that has positive economic profits has accounting profits that are
A) zero. B) positive. C) negative. D) indeterminate without more information.