Changes in what sector best explain changes in union rates throughout American history?
a. Agricultural.
b. Government.
c. Manufacturing.
d. Service.
c. Manufacturing.
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What is meant by the term homogeneous products? Give an example
What will be an ideal response?
All firms and all industries face identical long-run average cost curves
Indicate whether the statement is true or false
Which of these is NOT a potential benefit provided by monopolies?
a. more variety of creative works such as movies and books b. greater incentives to develop new technologies and medical cures c. increased consumer surplus as a result of a smaller scale of operations d. lower prices in industries with very large economies of scale
A rise in the price level that reduces the real wealth of people who hold financial assets is an illustration of the:
a. interest rate effect. b. monetary theory. c. supply-side theory. d. wealth effect. e. trade effect