You Receive a Text Message on Your Phone from Upscale

question 84

True/False

You receive a text message on your phone from Upscale Furnishings about an upcoming sale on custom furniture. Upscale Furnishings is developing a direct customer relationship with you through kiosk marketing.

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Definitions:

Profit-Maximizing Quantities

The level of output at which a firm maximizes its profit, determined by the point where marginal cost equals marginal revenue.

Occupational Licensing

The laws of state or local governments that require that a worker satisfy certain specified requirements and obtain a license from a licensing board before engaging in a particular occupation.

Exclusive Unionism

The policy, pursued by many craft unions, in which a union first gets employers to agree to hire only union workers and then excludes many workers from joining the union so as to restrict the supply of labor and drive up wages. Compare with inclusive unionism. The policies typically employed by a craft union.

Imperfectly Competitive Input Markets

Markets where the factors of production (inputs) are bought and sold, and where no single buyer or seller can influence prices significantly due to the presence of many competitors, but not enough for perfect competition.