Craft unions:
A. attempt to organize workers at all skill levels in a firm or industry.
B. have been declared illegal by federal legislation.
C. only organize workers who have a particular skill.
D. attempt to increase the supply of their particular type of labor.
Answer: C
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There are two existing firms in the market for computer chips. Firm A knows how to reduce the production costs for the chip and is considering whether to adopt the innovation or not. Innovation incurs a fixed setup cost of C, while increasing the revenue. However, once the new technology is adopted, another firm, B, can adopt it with a smaller setup cost of C/2. If A innovates and B does not, A earns $20 in revenue while B earns $0. If A innovates and B does likewise, both firms earn $15 in revenue. If neither firm innovates, both earn $5. Under what condition will firm B have an incentive to adopt if firm A adopts the innovation?
A. C > 30 B. 35 > C > 25 C. C < 30 D. 10 > C > 0
With 6 percent inflation and a 1 percent nominal interest rate, the real interest rate is:
A. 1 percent. B. 7 percent. C. 5 percent. D. ?5 percent.
Oligopolistic behavior includes
A. Independent pricing. B. Tacit collusion. C. High concentration ratios. D. High barriers to entry.
A bank is insolvent when
A) its liabilities exceed its assets. B) its assets exceed its liabilities. C) its capital exceeds its liabilities. D) its assets increase in value.