The National Labor Relations Act of 1935 and the Fair Labor Standards Act of 1938 forced employers to
(a) negotiate with unionized labor.
(b) keep hours at a minimum.
(c) pay maximum wages.
(d) do all of the above.
(a)
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________ choose(s) the quantities of goods and services to produce, while ________ choose(s) the quantities of goods and services to buy
A) Firms; only households B) Households; the government C) Households; firms D) Firms; households and the government E) The government; firms
Because of diminishing returns, an economy can continue to increase real GDP per hour worked only if
A) the per-worker production function shifts downward. B) there is technological change. C) there are decreases in human capital. D) there continue to be decreases in capital per hour worked.
When a firm is experiencing economies of scale, long-run
a. average total cost is minimized. b. average total cost is greater than long-run marginal cost. c. average total cost is less than long-run marginal cost. d. marginal cost is minimized.
Refer to the graph shown. Suppose the market price is $4. At this price, a perfectly competitive firm should:
A. shut down in the short run but continue production in the long run. B. continue to produce in the short run but shut down in the long run. C. continue to produce in both the short run and the long run. D. shut down immediately.