A closed shop is one in which
A) a union is prohibited.
B) some members belong to the union while others do not.
C) belonging to a union is a condition of employment.
D) the union is a co-manager of the day-to-day operations of the firm.
Answer: C
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Silvio's Pizza is a small pizzeria. The firm's production function is shown in the table above
Suppose that Silvio's costs include only the cost of renting ovens, which is $100 per oven per week, the labor cost, $280 per worker per week, and the opportunity cost of Silvio's entrepreneurship, $1,000 per week. Suppose Silvio's uses Plant 2. If Silvio hires the 4th worker, the firm will experience ________ marginal returns. A) diminishing B) increasing C) constant D) zero
A default premium is the interest rate premium
A) under normal market circumstances. B) when there are no market fluctuations. C) covering the default risk. D) for government debt.