When it comes to productivity, some economists argue that
A) unions have caused a decrease in productivity by excessive staffing and makework requirements.
B) through the use of featherbedding unions have been responsible for productivity increases.
C) the passage of the Taft-Hartley Act has led to a significant decrease in productivity.
D) the union's insistence on profitability laborsaving devices has led to an increase in productivity.
A
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The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, at the equilibrium output, the
A) marginal private cost exceeds the marginal private benefit. B) marginal private cost is less than the marginal private benefit. C) marginal social cost equals the marginal private benefit. D) marginal social cost is greater than the marginal private benefit.
If AVC is $10 when P = MC, a firm
A) will have positive economic profits if price is greater than $10. B) is producing too little output. C) should shut down if price is less than $10. D) is experiencing economies of scale.