A plumbers' union is an example of
A) an industrial union.
B) a craft union.
C) skilled workers union.
D) auxiliary union.
B
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Suppose the prices of a pair of jeans, a shirt, and a tie are $30, $20, and $10 respectively. Which of the following statements is true in this context?
A) The opportunity cost of buying a pair of jeans is 2 ties. B) The opportunity cost of buying a tie is 3 pairs of jeans. C) The opportunity cost of buying a tie is 2 shirts. D) The opportunity cost of buying a shirt is 2 ties.
Asymmetric information means
A) some market participants have more information than others. B) some news are more important than others. C) some market participants interpret news differently. D) the impact of news on economic outcomes depends on the context.
If a monopoly can produce a good at zero marginal cost, then its Lerner Index is
A) zero. B) one. C) infinity. D) undetermined.
Recently several food companies have adopted policies for "humane" treatment of animals to apply to providers of their meats. The food companies expect that their action will help differentiate their product from their competitors who have not adopted such policies. They expect that "differentiation" of their product will allow them to:
a) Do little to change their price because the food industry is a very competitive industry b) Lower price so they will be able to sell more product c) Raise price to cover higher input costs and get higher profit