If the market power of a labor union enables it to offset the market power of an oligopolistic firm, this is called
a. monopolistic competition
b. cartel pricing
c. price discrimination
d. contestable markets
e. countervailing power
E
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If Croatian firms can make 600 pitchforks or 100 hammers in a week and Slovenian firms can make 200 pitchforks or 200 hammers in a week, then
A) the costs of production differ in each country. B) the Croats have an incentive to specialize in hammers. C) the Slovenes have an incentive to specialize in pitchforks. D) all of the above are true.
Over the past 20 years, purchases of foreign financial assets by U.S. investors has
A) increased significantly. B) decreased significantly. C) remained fairly consistent. D) become negative.
Exhibit 8-13 Price and cost per unit curves
In Exhibit 8-13, if the price is P3, total economic profit is maximized or economic loss minimized at the output:
A. Q1. B. Q2. C. Q3. D. Q4.
"The market demand curve for labor is the horizontal summation of the labor demand curves of all firms." Do you agree or disagree? Why?
What will be an ideal response?