The future of private sector labor unions is
A. bright because of the increased availability of undocumented workers from other countries.
B. bright because of the spectacular success of the PATCO strike.
C. bleak because of the growing economic importance of the service and retailing industries.
D. bleak because of the recent increases in the minimum wage earned by non-union workers.
Answer: C
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Which of the following statements is correct?
A) Arc elasticity of demand is the same as the slope of the demand curve. B) Arc elasticity of demand only applies to a nonlinear demand curve. C) Point elasticity of demand is measured at each point along a demand curve. D) Point elasticity of demand is measured between two adjacent points on a demand curve.
If a perfectly competitive industry uses only a small share of the available inputs in a resource market, then the long-run market supply curve for the industry will most likely be: a. vertical
b. horizontal. c. upward sloping. d. downward sloping.
Suppose Jack Weldon came up with a novel idea of making lamps out of recycled automobile tires. His firm, No-Skid Lamps, works three shifts a day trying to keep up with demand. Attracted by its success, other firms copy the idea and produce similar lamps. As a result, No-Skid Lamps' demand curve
a. shifts to the right and becomes more inelastic b. shifts to the right and becomes more elastic c. shifts to the left and becomes more inelastic d. shifts to the left and becomes more elastic e. stays the same
Public goods could effectively be provided by private markets, but we choose to provide them through government.
Answer the following statement true (T) or false (F)