Prior to the 1880s, federal government control over the daily operations of private economic activity
(a) was important but not as important as during the 1880s and following decades.
(b) was virtually nonexistent; state and local governments handled any regulation or business management.
(c) was important, but in the 1880s and following decades, it became less important as it was realized that regulation was basically inconsistent with the efficient operation of free markets.
(d) was virtually nonexistent and did not become important until the Great Depression and New Deal programs of the 1930s.
(b)
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The opportunity cost of an action is
A) everything that makes an action possible. B) the monetary payments that make an action possible. C) the sum of the human efforts that contribute to an action. D) the value of the next-best alternative that must be sacrificed to take the action.
A situation where a union bargains with a monopsony employer is termed a
A) bilateral monopsony. B) bilateral monopoly. C) bilateral agreement. D) unilateral agreement.