Incomes of U.S. households in the 1970s and 1980s
a. grew rapidly, due to the widespread success of labor unions in pushing up wages during those decades.
b. grew rapidly, due to several increases in the minimum wage during those decades.
c. grew rapidly, due to government policies that discouraged the importation of foreign products during those decades.
d. grew slowly, due to slow growth of the output of goods and services per hour of U.S. workers' time during those decades.
d
Economics
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Average revenue minus average total cost equals
a. total economic profit b. total accounting profit c. a normal profit d. economic profit per unit of output e. marginal cost
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Refer to the above graph. Demand is price-elastic between points:
A. G and H. B. F and G. C. D and E. D. A and B.
Economics