A company can hire non-union workers, but a condition of their employment is that they must join the union within their first 90 days on the job. This is an example of a
A) right-to-work law.
B) closed-shop.
C) union shop.
D) voluntary craft union.
C
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If the marginal rate of technical substitution of labor for capital (MRTSLK) exceeds the relative price of labor in terms of capital (PL/PK), then
a. the firm's long-run average cost curve is rising. b. the firm is producing its output at the least possible cost, but the firm should reduce its output level to increase its profits. c. the firm has increased its output level beyond the point of diminishing marginal returns. d. the firm needs to use less capital and more labor to reach its expansion path.
At a long-run equilibrium in monopolistic competition, price equals
A) average total cost. B) marginal cost but not marginal revenue. C) marginal revenue but not marginal cost. D) zero. E) marginal revenue and marginal cost.
An ideal voting system must not have:
A. a person who has the power to single-handedly enact his or her own preferences. B. a person who can convince everyone to vote for his or her preferences, and not their own. C. a one-dimensional issue being voted on. D. transitivity of preferences
When per capita real GDP is increasing, real output is growing:
a. more rapidly than prices. b. more rapidly than population. c. less rapidly than prices. d. less rapidly than population.