A Monopolist Can Make an Economic Profit in the Long

question 486

Multiple Choice

A monopolist can make an economic profit in the long run because of

• A) the relatively elastic demand for its product.
• B) the relatively inelastic demand for its product.
• C) the firm's price setting behavior.
• D) barriers to entry.

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Definitions:

Majority Sign-up

A method for workers to form a union or gain union representation by obtaining the signatures of a majority of employees in a bargaining unit, bypassing the need for a formal election.

Decertify Union

The process by which workers can remove the certification of their union as the bargaining representative, typically through a vote.

Eligible Employees

Workers who meet certain criteria set by employers or laws that allow them to receive benefits or rights, such as participating in a union.

NLRB Representation Election

A voting process overseen by the National Labor Relations Board where employees decide whether to be represented by a union.