A labor union is a group of
a. employees who join together to improve their working conditions
b. firms that join together to hire workers
c. firms that work together to negotiate better prices in the market
d. farmers who work together to receive better prices for their agricultural products
e. workers and firm owners who join together to improve working conditions
A
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A set of actions that a firm takes to achieve a goal, such as maximizing profits, is called
A) the Porter's Competitive Forces plan. B) game theory. C) a payoff matrix. D) a business strategy.
Which of the following statements is true? If the marginal product of labor diminishes,
a. average fixed cost rises b. average variable cost is constant c. marginal cost rises d. average total cost must rise e. total cost rises at a diminishing rate
Which statement is true?
A. Most strikes cause serious economic disruptions. B. The threat of a strike provides the motivation necessary to make collective bargaining work. C. Most labor unions enter collective bargaining hoping for a strike. D. None of the choices are true.
Which of the following is an example escape clause relief?
A) A tariff is granted because foreign firms are selling below cost. B) A temporary tariff is granted to allow for adjustment of the domestic industry. C) A tariff is granted to an industry because foreign firms are subsidized by their governments. D) A tariff is granted to an industry because another nation persistently uses unfair trade practices.