What is featherbedding and why do unions engage in the practice?
What will be an ideal response?
Featherbedding is one of the approaches that labor unions use to increase the amount of labor required to produce a given quantity of output. Featherbedding occurs when union rules require more workers than necessary to perform a task. For example, requiring a minimum number of crew members regardless of the difficulty of the job is one type of featherbedding.
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Private ownership of rivers and lakes will halt all water pollution.
Answer the following statement true (T) or false (F)
Refer to the above figure. A movement from B to C would be NOT be the result of
A) an increase in worker productivity. B) an increase in foreign income levels. C) an increase in government spending. D) an increase in consumption spending.
The market clearing price is
A) the price which eliminates excess quantity supplied or excess quantity demanded. B) the price which leaves an excess quantity demanded. C) the price which leaves an excess quantity supplied. D) the lowest price at which a positive quantity supplied exists.
To stay one step ahead of the forces of competition, a firm can adopt one of these strategies except
a. Cost reduction b. Product differentiation c. Advertising d. Reduction in the intensity of competition