A union representing a group of workers will tend to be stronger when
a. there are no good substitutes for the labor services of the unionized workers.
b. the domestic producers of the good produced by the unionized workers face intense competition from foreign suppliers of the good.
c. the cost of employing the unionized workers is a large part of the total cost of the product that they produce.
d. the demand for the good produced by the unionized workers is highly elastic.
A
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Big Roads Construction is participating in an auction for a government contract to build a large highway. If Big Roads wins the auction, they will build the highway for the bid they submitted. Big Roads will face the winner's curse if their winning bid is too ________, making Big Roads earn ________ economic profit.
A) low; more B) high; less C) high; more D) low; less
The size of a firm relative to the size of the market can be referred to as
A) an economic profit guarantee B) a marginal profit factor C) core competency D) economies of scale
Human capital:
A. can become outdated or deteriorate. B. is always increasing. C. is better when acquired as an adult. D. All of these are true.
The marginal income tax rate is a person's tax burden as a percentage of total income.
Answer the following statement true (T) or false (F)