In Figure 45.4, it is clearly the case that 
Figure 45.4
A. the total amount paid to workers is greater under perfect competition than unionization.
B. every individual worker is better off under unionization than perfect competition.
C. every individual worker is better off under perfect competition than unionization.
D. the total amount of labor employed is greater under perfect competition than unionization.
Answer: D
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In the economic way of thing, speculation could be effectively abolished if society could abolish
A) money. B) greed. C) profit seeking. D) private property rights. E) uncertainty.
Economists recognize what is sometimes referred to as "psychic income" such as the value some people attach to being their own boss
As such, failure to factor in psychic income when calculating economic profit could result in an understatement of the actual economic profit received from a particular enterprise. Indicate whether the statement is true or false