According to the figure above, which point or points correspond to full employment?

Assume that a company is producing at a point beyond where diminishing returns has already set in. If the firm cuts back on production what would you expect should happen to the marginal product of labor and why?

What will be an ideal response?

Why is the Clayton Act of 1914 considered to have been favorable to the interests of organized labor?

(a) It restricted the application of the Sherman Antitrust Act and excluded labor unions from it. (b) It legalized collective bargaining for the first time. (c) It declared labor to be an article of commerce. (d) It forbade the use of injunctions by the courts to stop strikes.