To be successful in changing wage rates and employment conditions, labor unions need to have control over only
A. Their own members.
B. The MRP of employers.
C. The production decision of employers.
D. The labor supply decisions of individual workers.
Answer: D
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If the price of a pizza is $10 per pizza, the consumer surplus from the first pizza consumed ________ the consumer surplus from the second pizza consumed
A) is greater than B) equals C) is less than D) cannot be compared to E) None of the above answers is correct because more information is needed about the marginal cost of producing the pizzas to answer the question.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
Because inflation in Germany after World War I sometimes exceeded 1,000 % per month, one can conclude that the German economy suffered from
A) deflation. B) disinflation. C) hyperinflation. D) superdeflation.
The demanders in the goods-and-services market are
A. households, the government, business firms, and the rest of the world. B. the government and business firms. C. households, the government, and the rest of the world. D. households and business firms.