Which of These Was Given as a Reason Why Union

question 43

Multiple Choice

Which of these was given as a reason why union influence has diminished?

• A)foreign automobile manufacturers producing higher quality vehicles
• B)union companies demonstrating lower profits than non-union companies
• C)technological advances
• D)all of the above

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Definitions:

Efficient Competition

A market scenario where firms can produce the goods and services that consumers demand at the lowest possible cost, maximizing societal welfare.

Price-Taker

An economic actor who accepts the market price as given and has no influence over it due to its small size in the market.

Market Demand

The aggregate amount of a product or service that every consumer in a market is prepared and capable of buying at different price levels.

Long-Run Equilibrium

A state in which market supply equals market demand and all firms in a perfectly competitive market earn zero economic profits.