Labor unions did not become traditional or popular institutions until the

A binding price floor is shown in

A. panel (b) only. B. neither panel (a) nor panel (b). C. panel (a) only. D. both panel (a) and panel (b).

Society will produce ________ if price and marginal cost are equated for all firms.

A. the minimum output B. the efficient mix of output C. no output D. the maximum output