Resources Are Efficiently Allocated When Production Occurs at That Point

question 64

Multiple Choice

Resources are efficiently allocated when production occurs at that point at which:​

• A)the marginal cost curve intersects the average variable cost curve.
• B)price is equal to average revenue.
• C)price is equal to marginal cost.
• D)the marginal revenue curve intersects the average variable cost curve.
• E)price is equal to average variable cost.

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Definitions:

Economic Strike

A work stoppage conducted by employees to demand higher wages, better benefits, or improved working conditions from their employer.

Recognition Strike

A type of strike aiming to compel an employer to recognize and negotiate with the union as the official collective bargaining agent for the workers.

Sympathy Strike

A work stoppage by workers in one industry intended to show support for striking workers in a different industry or company.

NLRA

A key piece of legislation in US labor law, the National Labor Relations Act establishes the rights of workers to unionize and negotiate collectively with their employers.