Which of the Following Is a Correct Statement of the Socially

question 165

Multiple Choice

Which of the following is a correct statement of the socially optimum price?

• A)It is a price equal to the average cost.
• B)It is a price equal to the marginal cost.
• C)It is a price equal to the lowest average cost.
• D)It is a price equal to the marginal revenue.

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Definitions:

Wagner Act

A foundational statute in United States labor law that protects the rights of workers to form unions and engage in collective bargaining.

Wagner Act

Also known as the National Labor Relations Act of 1935; a foundational statute of United States labor law which guarantees basic rights of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes.

Collective Bargaining

The process by which employers and unions negotiate the terms of employment, including wages, hours, and working conditions.

State Governments

The governing bodies of each of the 50 states in the United States, which have the power to create and enforce laws within their respective territories under the U.S. Constitution.