Which of the Following Statements Is Correct

question 253

Multiple Choice

Which of the following statements is correct?

• A) Firms in monopolistic competition and monopoly can earn economic profits in both the short run and the long run.
• B) Both perfectly competitive and monopolistically competitive firms charge a price equal to marginal cost.
• C) Firms in perfect competition, monopolistic competition, and monopoly maximize profits by producing where marginal revenue equals marginal cost.
• D) Both perfectly competitive and monopolistically competitive firms produce the welfare-maximizing level of output.

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Definitions:

NLRA

The National Labor Relations Act, a foundational statute in United States labor law that protects the rights of employees to organize, engage in collective bargaining, and participate in concerted activities for mutual aid or protection.

NLRA

The National Labor Relations Act of 1935, a foundational statute in United States labor law which guarantees the right of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action.

Solidarity Unionism

A model of labor organizing based on mutual support and direct action among workers, without formal union structures or bureaucratic involvement.

Bargaining Power

The capacity of one party to influence the outcome of negotiations by virtue of its strength, strategies, or position relative to the other party.