Suppose that under its collective bargaining agreement, the XYZ Co. can only hire union members in good standing at the time of hiring. XYZ Co. is
A. a company union.
B. an open shop.
C. a union shop.
D. a closed shop.
Answer: D
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Jerry spends his entire income on two goods, Bran and Tea. Every month he spends half of his income on each of these goods. Jerry's income elasticity of demand for Bran is .75. What is the income elasticity of demand for Tea?
A) 1.25 B) .75 C) 1 D) Unknown with the information provided
The oligopoly model that predicts that oligopoly prices will tend to be very rigid is the ________ model
A) Cournot B) Stackelberg C) dominant firm D) kinked demand
What is the marginal cost of producing the third unit?
a. 60 b. 70 c. 90 d. 110
Which of the following is most likely to increase the supply of corn?
a. The farm worker's union successfully negotiates a pay increase for corn harvest workers. b. The Surgeon General announces that eating corn bread contributes to baldness in men. c. Congress and the President eliminate subsidies formerly paid to corn farmers. d. Farmers that grow soybeans can also grow corn, and the price of soybeans drops by 75 percent.