The Wagner Act of 1935
a. prevents unions from acting as cartels.
b. allows workers joining a unionized firm to choose not to join the union.
c. prevents employers from interfering when workers try to organize a union.
d. prevents firms from hiring permanent replacements for workers who are on strike.
c
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Even though government-operated firms do not have to make a profit, they usually operate efficiently
Indicate whether the statement is true or false
Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market price will be
A) below P1. B) between P1 and P3. C) above P3. D) P2.
In a perfectly competitive market, if all firms face identical, constant marginal marginal cost curves, then consumer surplus is
A) the area beneath the market demand curve and above the market clearing price. B) the area above the market demand curve and above the market clearing price. C) the total area beneath the market demand curve. D) definitely zero.
"When one basketball team spends a large sum of money acquiring better players, it is better off. If all teams do the same thing, all of them are better off." These statements demonstrate: a. the fallacy of composition
b. confusing association with causation. c. a misunderstanding of the direction of causality. d. the ceteris paribus condition.