American unions came under increasing pressure in the 1950s because of stronger competition both at home and abroad
a. True
b. False
Indicate whether the statement is true or false
False
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The slave gang system increased labor productivity by encouraging members of a slave gang system to specialize in performing assigned tasks and working in rhythm
Indicate whether the statement is true or false
Rawls argued that agreement on certain rules from behind a "veil of ignorance" would make those rules optimal
a. True b. False
In a perfectly competitive market, if P > MC, then
A) too little output is being produced. B) too much output is being produced. C) production is efficient, as the firm is earning profits. D) the firm is paying a price for resources that is too high.
A monopolistically competitive firm is currently charging a price of $20 and producing 3,000 units/month. It faces monthly fixed costs of $1,000 and has an average variable cost of $22/unit. We would expect:
a. The firm to earn an economic profit in the long run b. The firm to shut down in the short run c. The firm to raise its price to cover its variable costs d. The firm to adjust its production to minimum efficient scale