Union membership declined during the 1920s due to:
a. failure of a number of strikes.
b. increase in real wages left the labor force satisfied.
c. firms' use of "yellow-dog" contracts.
d. poor union leadership.
e. All of the above.
e. All of the above.
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In the long run the monopolistic competitor ________ at peak efficiency and the perfect competitor ________ at peak efficiency.
A. operates; operates B. operates; does not operate C. does not operate; operates D. does not operate; does not operate
Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume that X is a normal good, Y is an inferior good, and the price of good Y increases. Then, which of the following effects is known with certainty?
A. The income and substitution effects will reinforce one another, leading to an overall increase in the consumption of good Y. B. The income and substitution effects will have competing effects, leading to an indeterminate impact on the consumption of good Y. C. The income and substitution effects reinforce one another, leading to an overall decrease in the consumption of good X. D. The income and substitution effects will reinforce one another, leading to an overall increase in the consumption of good X.