The National Labor Relations Act of 1935 and the Fair Labor Standards Act of 1938 forced employers to
(a) negotiate with unionized labor.
(b) keep hours at a minimum.
(c) pay maximum wages.
(d) do all of the above.
(a)
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The tit-for-tat strategy implies that the firms
a. in non-competitive industries match price increases but ignore price decreases b. will follow the lead of the dominant firm in making pricing decisions c. prices will change whenever fixed cost changes d. cooperate on the first round, and then follow your competitors reactions on the second round e. price will only change if demand changes
At price of $1.30 per pound, a local apple orchard is willing to supply 150 pounds of apples per day. At a price of $1.50 per pound, the orchard is willing to supply 170 pounds of apples per day. Using the midpoint method, the price elasticity of supply is about
a. 1.14. b. 1.00. c. 0.875. d. 0.50.