Unions are often thought to cause conflict between different groups of workers -- between the insiders who benefit from high union wages and the outsiders who do not get the union jobs
a. True
b. False
Indicate whether the statement is true or false
True
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Contractionary policies are policies designed to
A) increase the level of real GDP. B) increase the federal deficit. C) reduce the level of real GDP. D) increase government spending.
In the figure above, the equilibrium market price is $20. $20 is the
A) marginal cost of the 150th unit. B) willingness to pay for the 1st unit. C) producer surplus. D) consumer surplus. E) deadweight loss.
Which of the following statements is CORRECT?
A) When demand increases, both the price and the quantity increase. B) When demand decreases, the price rises and the quantity decreases. C) When supply increases, the quantity decreases and the price rises. D) When supply decreases, both the price and the quantity decrease.
Explain how a large number of firms in the industry and product heterogeneity affect the likelihood of cartel success