Unions can only achieve wage gains by sacrificing employment.
Answer the following statement true (T) or false (F)
False
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Refer to the table above. What is the marginal product of the third worker?
A) 60 pairs of shoes B) 68 pairs of shoes C) 112 pairs of shoes D) 180 pairs of shoes
When individuals trade in open markets,
a. Pareto improvements occur b. Pareto improvements cannot occur c. the markets are economically efficient d. the markets are Pareto efficient e. there are barriers to trade
The aggregate supply curve is:
A. downward-sloping. B. the sum total of the production of all the firms in the economy for every level of profit. C. the relationship between the overall price level and total production by firms. D. the sum total of the production of all the firms in the economy for every given demand level.
When a company engages in a substantial amount of image advertising, they are trying to cause consumers to see their product as being unique and distinctive relative to the substitute products made by rival firms. The companies are thus trying to use successful image advertising to:
a. reduce the price elasticity of demand for their products. b. increase the price elasticity of demand for their products. c. increase the price elasticity of supply of their goods. d. reduce the price elasticity of supply of their goods.