Pure Monopolists

question 51

Multiple Choice

Pure monopolists:

• A) maximize MR.
• B) are price takers.
• C) sell where P > MC.
• D) confront demand curves that are perfectly inelastic.

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Definitions:

Nonunion Workers

Employees who are not members of a labor union and typically do not enjoy the same collective bargaining advantages as unionized workers.

Open Shop

A place of employment in which the employer may hire nonunion workers and in which the workers need not become members of a labor union.

Unionization Rate

The proportion of a workforce that is a member of a union.

Government

The organized system of authority that establishes and enforces rules and laws, governing a community or nation.