The Total Value Created by a Firm Is Equal To

question 56

Multiple Choice

The total value created by a firm is equal to:

• A)The total revenue the firm receives for the products it sells
• B)The total revenue the firm receives less the cost of bought-in materials and components
• C)The sum of producer surplus and consumer surplus the firm creates
• D)None of the above

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Definitions:

Unfair Labor Practices

Actions by employers or unions that violate workers' rights or the laws governing labor relations.

Wagner Act

A foundational U.S. law enacted in 1935 to protect workers' rights to organize and to promote collective bargaining.

Secondary Boycott

A form of protest where a group (usually a labor union) refuses to do business with or work for other companies that are associated with the primary target of a labor dispute, but not directly involved in it.

Taft-Hartley Act

A 1947 United States federal law that restricts the activities and power of labor unions.