When two groups or individuals work together to resolve a problem it is called
a. negotiation
b. grievance
c. arbitration
d. mediation
Ans: a. negotiation
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If workers and firms lower their inflation expectations,
A) unemployment will rise. B) the short-run Phillips curve will shift downward. C) the short-run Phillips curve will be vertical. D) actual inflation will fall to match expected inflation.
A leftward shift of the demand curve will lead to a(n)
A) decrease in equilibrium price. B) excess supply at the old equilibrium price. C) decrease in quantity supplied. D) All of the above.
Refer to the table below. What is Gorgeous Sands Resort's long-run marginal cost?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $6,000
B) $1,000
C) $5,000
D) $4,000
Left to their own, private markets tend to
a. under-allocate resources to public goods b. allocate the economically efficient amount of resources to public goods. c. over-allocate resources to public goods.