Suppose that under its collective bargaining agreement the XYZ Corp can hire nonunion workers, but these workers must join the union within 60 days. This agreement is an example of
A) an open shop.
B) a closed shop.
C) a company union.
D) a union shop.
Answer: D
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Suppose the price of butter falls because milk price supports are removed. Will people’s tastes shift away from margarine and toward butter?
What will be an ideal response?
The unemployment rate is calculated as: a. the number of officially unemployed persons divided by the number of officially employed persons
b. the number of officially employed persons divided by the number of officially unemployed persons. c. the number of officially unemployed persons divided by the number of officially employed plus unemployed persons. d. the number of officially unemployed persons divided by the population.
Exhibit 10-7 Two-Firm Payoff Matrix
Suppose costs are identical for the two firms in Exhibit 10-7. If both firms assume the other will compete and charge a lower price, equilibrium will be established by:
A. Camel charging the high price and Marlboro charging the high price. B. Camel charging the low price and Marlboro charging the low price. C. Camel charging the low price and Marlboro charging the high price. D. Camel charging the high price and Marlboro charging the low price.
What are the conditions for equilibrium in indifference curve analysis?
Please provide the best answer for the statement.