Which of the following is true regarding labor legislation?
a. The Taft-Hartley Act increased union power while the Wagner Act limited union power.
b. The Wagner Act increased union power while the Taft-Hartley Act limited union power.
c. Both the Wagner Act and the Taft-Hartley Act increased the power of unions

In long-run equilibrium, a perfectly competitive firm produces the output level that minimizes average total cost

a. True b. False Indicate whether the statement is true or false

Suppose the government reduces marginal income tax rates and increases welfare payments. This policy combination will:

A. increase the incentive to work. B. have no effect on the incentive to work. C. have an ambiguous effect on the incentive to work. D. reduce the incentive to work.