The National Labor Relations Act
A. forbade the closed shop.
B. was an anti-labor piece of legislation.
C. guaranteed labor the right to organize unions.
D. allows firms to refuse to negotiate with an elected union.
C. guaranteed labor the right to organize unions.
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A rational person maximizes
A) risk. B) return. C) expected utility. D) return variance.
A tax
a. lowers the price buyers pay and raises the price sellers receive. b. raises the price buyers pay and lowers the price sellers receive. c. places a wedge between the price buyers pay and the price sellers receive. d. Both b) and c) are correct.
The demand curve of a monopolistically competitive firm
A) is horizontal because the firm must cut its price to sell more. B) is perfectly elastic. C) is downward-sloping because it sells an identical product. D) is downward-sloping because it must cut its price to sell more.
Assuming labor is the only variable factor of production, production of a good will not occur
A. as long as the product?s price is less than the marginal revenue product of labor. B. as long as the marginal revenue product of labor is positive. C. if society values a good less than it costs firms to hire the workers to produce the good. D. if the marginal cost of a unit of output equals the marginal revenue product of labor.