________ is the process by which representatives from a union and from management negotiate a mutually agreeable contract specifying wages, employee benefits, and working conditions
a. Binding arbitration
b. A strike
c. Mediation
d. Collective bargaining
d
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Suppose a perfectly competitive market is in a short-run equilibrium. If some firms exit the market, the profit of the remaining firms ________; if some firms enter the market, the profit of each existing firm ________
A) decreases; is unchanged B) increases; decreases C) increases; is unchanged D) is unchanged; is unchanged E) decreases; increases
The table above has the domestic demand and domestic supply schedules for a good. According to the table, the no-trade price of the good is
A) $4. B) $6. C) $8. D) $10. E) $2.
The creative ability of persons to combine and direct resources to produce new products is known as:
a. economizing. b. entrepreneurship. c. value judgment. d. product sensitivity.
If aggregate demand and aggregate supply both shift left, we can be sure that the price level is higher in the short run.
a. true b. false