In the U.S., some of the most powerful unions:
A. have organized workers across several markets.
B. have nearly 100 percent participation of workers.
C. existed in the 1940s.
D. All of these statements are true.
A. have organized workers across several markets.
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The opportunity cost of a movement from point N to J would
A. be the lost production of some capital goods.
B. be the lost production of some consumer goods.
C. be slower economic growth in the future.
D. not involve any sacrifice of either capital or consumer goods.
Which of the following occurs with both perfectly price discriminating and single-price monopolies?
A) The amount of output is inefficient. B) All consumer surplus goes to the monopoly. C) Deadweight loss is created. D) There is a redistribution of consumer surplus to the monopoly.
Adverse selection is a problem that arises:
A. before the parties have entered into an agreement. B. after the parties have voluntarily entered into an agreement. C. either before or after the parties have entered into an agreement. D. rarely in any market.
If increasing the admission charge for National Parks increases the National Park Service's total revenue, then the demand for National Park visits is:
A. inelastic. B. elastic. C. perfectly elastic. D. a perfectly horizontal line.