A union-sponsored television campaign urging U.S. consumers to "Look for the union label" is designed to
A) increase the productivity of union labor.
B) increase the derived demand for union labor by shifting consumer preferences in favor of union-made goods.
C) raise wages by restricting the supply of union workers.
D) remind consumers that if they do not buy union-made goods, unions will strike.
Answer: B
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A price floor is considered
A) "fair" based only on the fair results view. B) "fair" based only on the fair rules view. C) "unfair" based on both the fair results and fair rules views. D) "unfair" based only on the fair results view. E) "fair" based on the fair results view and on the fair rules view.
The act of putting a new product on the market in order to make profits is called
a. invention. b. innovation. c. investment. d. development.
One of the economic effects of monopoly is income inequality.
Answer the following statement true (T) or false (F)
The rule of reason was an antitrust law guideline that emphasized the importance of ____ over ____.
A. price; quantity B. quantity; price C. behavior; size D. size; behavior