U.S. manufacturers formed trusts in the late 1880s because
a. booms in the economy made trusts highly profitable and allowed them to expand
b. economies of scale allowed larger firms to prosper
c. the rapid growth of the railroads allowed firms to reach a wider market
d. technological breakthroughs increased capital use and optimal firm size
e. they wanted to avoid price wars during depressions
E
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A union shop is a
A. strike by a union in sympathy with another union's strike or cause. B. business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired. C. business which may hire nonunion members conditional on their joining the union by some specified date after employment begins. D. dispute involving two or more unions over which should have control of a particular jurisdiction.
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, a new general equilibrium will eventually be reached in sector Y with a price of ________ and a quantity of ________.
A. P1; Q0 B. P1; Q1 C. P0; Q0 D. P0; < Q1