If you want to become an actor, and you must join the Screen Actors Guild after your first job, the Screen Actors Guild is a(n)

A. closed shop.
B. open shop.
C. agency shop.
D. union shop.


Answer: D

Economics

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Because a competitive firm is a price taker, it faces a demand curve that is:

a. perfectly inelastic. b. relatively inelastic. c. relatively elastic. d. perfectly elastic.

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The profit-maximization assumption of economic theory does not fit reality because:

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In the mid-1990s, cattle ranchers in the United States kept raising cattle even though prices were at a ten-year low and below average total cost. What is the likely explanation for this?

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Economics