If Resource Prices Are Fixed and the Selling Price Rises

question 169

Multiple Choice

If resource prices are fixed and the selling price rises, then

• A)profits will decrease.
• B)profits will increase.
• C)profits will remain constant.
• D)both profits and output will decrease.

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Definitions:

Gissel Bargaining Order

A legal order issued by the National Labor Relations Board that requires an employer to bargain with a union when majority support has been presumably achieved but undermined by unfair labor practices.

Featherbedding

A labor practice where unions require employers to hire more workers than necessary for a particular task, often to protect jobs.

Single Unionism

A labor relations approach where only one union represents all workers within a workplace or industry, which aims to streamline negotiation processes and reduce inter-union competition.

Single Occupation

A specific job or profession characterized by a unique set of skills or qualifications, often within a wider industry or sector.