Econ unit 3

Less encouraging to union movements; soon started declining

The Taft-Hartley Act made the legal climate ____, and union membership levels ______

Workers with the same skill levels; race or gender

Discrimination in labor markets arises if____, as measured by education, receive different pay because of their ___

Perfect competition

Firms operating in a market situation creates ____, sell their product in a market with other firms who produce identical or extremely similar products

Supply curve

For a perfectly competitive firm, the marginal cost curve is identical to the firms_____

Provided each is willing to accept the prevailing market price

Idaho farmers can sell as large a quantity of their potato crop as they wish,

Will reduce

If US immigration consists of mainly low-skilled workers, than an increase in immigration ____ the wages of low skilled workers

Take defensive strike action

If a for profit firm that has paid out record bonuses to its executive every year while underfunding contributions to unionized workers' pension entitlements, the union members will most likely

Quantity produced; both total revenue and total costs, measured in dollars

If a graph is used to compare total revenue and total cost of a perfectly competitive firm, then the horizontal axis of the graph will represent ____ and the vertical axis will represent _______

Decrease, increase

If immigration consists of mainly high-skilled workers, then a(n) _____ on immigration will ____ the wages of high skilled workers

Average cost

If the price that a firm charges is lower than its _____ of production, the firm will suffer losses

Fall, rise

If the union negotiates an annual salary increase for economic processors that is $20000 higher than the market wage rate for economic consultants, then the market wage for the consulting positions will ____ and the quantity of economic consultants employed will_____

Must accept market price for its physical capital inputs

ImaGoldMiner has benefited from a record rise in gold prices in the global commodities market. While the price of its output is highly influenced by market speculation, if it wants to increase production to take advantage of the current profit maximizing opportunity, the company

The average product of labor is always equal to the marginal product of labor

In Sam's greenhouse operation, labor is the only short term variable input. After completing a cost analysis, if the marginal product of labor is the same for each unit of labor, this will imply that

Marginal revenue; marginal cost

In economic terms, a practical approach to maximizing profits requires an examination of how changes in production affect ____ and ______

$20

In order to produce 100 oatmeal cookies, GoodCookiesCo incurs an average total cost of $0.25 per cookie. The company's marginal cost is constant at $0.10 for all oatmeal cookies produced. The total cost to produce 50 oatmeal cookies is

Has diminished since 1960, but a gap still remains

The earnings gap in the Us labor market between black and white workers

Very high

The proportion of workers in a number of the worlds high-income economies who belong to unions , when compared to unionized workers in the US, is

Specific situations; generalities

The study of unions and their economic effects needs to focus on ____, not on _____

Preparing to exit operations

When a business adopts a strategy to reduce and/or discontinue production in response to a sustained pattern of losses, it is

Police services

Which of the following is most likely to have a large union membership that experiences little import competition?