Economists Define the Short Run as a Period of Time

question 186

Multiple Choice

Economists define the short run as a period of time so short that

• A) the amount of output cannot be changed except under diminishing marginal returns.
• B) the amount of output cannot be changed at all.
• C) only one factor of production can be varied.
• D) at least one factor of production cannot be varied.

Identify the legal doctrines related to employment, including employment at will and exceptions to it.

Understand the concept of ratification and its significance in the context of agency and employment law.

Comprehend the principles of estoppel and how they apply to employment and agency relationships.

Differentiate between various employment relationships, including master-servant, independent contractor, and joint employment.

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Definitions:

Commonwealth Vs. Hunt

A landmark legal case from 1842 in which the Massachusetts Supreme Court ruled that labor unions were not necessarily illegal and that workers could organize strikes to achieve their goals, setting a precedent for labor rights in the United States.

Development Of Unions

The historical growth and establishment of labor unions as organizations that represent workers' interests in various industries.

Railway Labor Act

A U.S. federal law enacted in 1926 that governs labor relations in the railroad and airline industries, aiming to prevent service disruptions and facilitate dispute resolution between employers and employees.

National Labor Legislation

laws enacted by a government to regulate labor relations, worker rights, and union activities within a country.