In a market system, which of the following will eliminate high-cost producers, and allow only the low-cost producers to survive?

If a good is considered to be a luxury good, does it mean that the law of demand does not hold?

What will be an ideal response?

Unions can ration the excess supply of labor generated by the establishment of a wage that is above the competitive wage by

A) lengthening the time period for apprenticeship programs. B) lowering union dues. C) encouraging older workers to take early retirement. D) having more intensive membership drives to ensure a larger proportion of workers are covered by the union contract.