By the 1840s,
(a) labor had achieved political power in the franchise, i.e., the right to vote.
(b) unions per se were not considered by law to be conspiracies and therefore illegal.
(c) peaceful picketing of businesses during strikes was considered to be legal.
(d) all of the above were true.
(d)
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An oligopoly model that describes formal collusion is the
a. kinked demand curve model b. cartel model c. cost-plus pricing model d. game theory model e. horizontal merger model
Suppose that a firm successfully introduces a highly profitable new product. If this new product offers less marginal utility per unit to consumers than existing substitute products, then the:
A. laws of economics have been violated. B. new product must have increasing, not diminishing, marginal utility. C. existing products were being produced at a loss. D. new product has a lower price than the existing substitute products.