A union wants to increase its members' wages without reducing employment. Which of the following strategies might achieve that goal?
a. setting a high minimum wage rate for its members
b. increasing the number of members in the union
c. pushing employers not to allow featherbedding of workers
d. training its members to work more productively
d
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The law of demand indicates that:
a. every physical good has a use. b. when people want a good badly enough, they will find a way to pay for it. c. the desire for a good is unrelated to its price. d. the quantity of a good that people will buy is inversely related to the price of the good.
Which is necessarily true for a perfectly competitive firm in short-run equilibrium?
A. Price minus average total cost equals zero. B. Marginal revenue is zero. C. Marginal revenue minus marginal cost equals zero. D. Total revenue minus total cost equals zero.