Right-To-Work Laws

question 77

Multiple Choice

Right-to-work laws

• A)say that everyone has the right to work and that it is the responsibility of the government to make available employment opportunities.
• B)ensure that employers cannot prevent persons from gaining employment simply because they are members of a union.
• C)allow everyone to gain employment at a firm without being a union member but also require that once hired the employee must join the union.
• D)make it illegal to require union membership for purposes of employment.

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of all resources used in production, indicating the firm is earning more than the minimum required to stay in business.

Monopolist

A single seller in a market who has significant control over the supply and price of a particular product or service.

Profit-maximizing Quantity

The level of output at which a company makes the highest profit, where marginal cost equals marginal revenue.

Profit-maximizing Price

The pricing strategy where a firm sets the sale price of its products to achieve the highest possible profit.