A price discriminating firm will tend to charge a ________ price for the category of customer with the ________ elasticity of demand

A sound legal system that protects individuals and their property,

a. cannot be expected until markets are already working well. b. is vital to the smooth operation of markets. c. is normally found in most economies of the world. d. is helpful for the rich, but harmful to the economic well-being of others.

Which best describes labor unions?

A. They are not generally accepted as an American institution. B. They are accepted as an American institution. C. They are more powerful today than they were 50 years ago. D. They were at the peak of their power in the early 20th century.