An example of an exclusive union would be
A. the International Brotherhood of the Teamsters.
B. the Communications Workers of America.
C. the American Medical Association.
D. the United Steel Workers.
C. the American Medical Association.
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A firm's average total cost is minimized at $5/unit when it produces 10 units. What is the marginal cost when the firm produces 10 units?
A. Greater than $5/unit B. $5/unit C. Less than $5/unit D. $10/unit
A kinked demand curve
a. results from the heavy advertising expense required. b. occurs because, when one seller lowers the price, no one else will do so. c. is a basic characteristic of monopolistic competition markets. d. tends to be inelastic for price decreases and elastic for price increases.
When oligopolists secretly cooperate for their mutual benefit they are engaging in
a. inclusion b. collusion c. seclusion d. exclusion e. discrimination
"Free trade benefits one country at another country's expense." Evaluate this statement using economic analysis