What Is the Practice of an Employer Who Makes an Offer

question 85

Multiple Choice

What is the practice of an employer who makes an offer directly to unionized employees deemed to be?

• A)acceptable,as long as the union bargaining committee feels the offer is fair
• B)acceptable and known as surface bargaining
• C)an example of bad-faith employer bargaining
• D)acceptable,as long as employees have an opportunity for a ratification vote

Analyze the implications of input prices on production cost using isocost lines.

Recognize the conditions for minimum cost output in the context of isocost and isoquant lines.

Interpret the construction and significance of expansion paths in long-run production decisions.

Distinguish between short-run and long-run costs, including variable and fixed costs.

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Definitions:

Marginal Costs

The cost added by producing one additional unit of a product, reflecting the variable costs involved in production.

Economic Rationality

The assumption that individuals make decisions based on maximizing utility or profit within constraints, following a logical and efficient approach.

Marginal Utility

The change in satisfaction or utility that a consumer experiences from consuming an additional unit of a good or service.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen.