Firms That Sell Highly Customized Items Such as Motorcycles Charge

question 61

Multiple Choice

Firms that sell highly customized items such as motorcycles charge higher mark-ups than firms selling similar,but homogeneous products.An explanation for their market power is the

• A) bandwagon effect.
• B) greater value effect.
• C) snob effect.
• D) behavioral effect.

---

Definitions:

Landrum-Griffin Act

The Landrum-Griffin Act, also known as the Labor-Management Reporting and Disclosure Act of 1959, is a US law aimed at regulating labor unions' internal affairs and their officials' relationships with employers.

Corruption

The abuse of entrusted power for private gain, often resulting in unfair advantages, bribery, and undermining the integrity of systems.

Union "Bill of Rights"

The protections afforded to union members within their organization, often enshrined in national labor laws or union constitutions to ensure fairness and democratic processes.

Civil Rights Act of 1991

A significant piece of legislation in the United States that aimed to strengthen the protections against employment discrimination.