Why does the International Ladies' Garment Workers Union pay for advertising that promotes American- made textile products?
If this advertising is successful, it will increase the demand for American-made textiles, leading to higher
textile prices. This will increase the MRP of the workers who produce these textiles, who also are members
of the ILGWU. An increase in their MRP will induce textile firms to hire more workers and/or pay higher
wages. The union, of course, will bargain for wage gains for its existing members.
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An uncrowded toll road is ________ because it is ________
A) a public good; both nonrival and nonexcludable B) not a public good; nonrival but excludable C) not a public good; nonexcludable but rival D) not a public good; both rival and excludable
A monopoly is a seller of a product
A) with a perfectly inelastic demand. B) without a well-defined demand curve. C) with many substitutes. D) without a close substitute.