The Weber Case Argued That the Affirmative Action Plan of a Union

question 18

Multiple Choice

The Weber case argued that the affirmative action plan of a union was discriminatory against whites because it provided that half of the people trained for skilled positions would be minorities until the time that minority representation in that position was representative of the local population.The Supreme Court ruled in this case:

• A) That the union practice was legal
• B) That the union practice was illegal
• C) That the union practice was illegal, but not discriminatory
• D) That the union practice was illegal, but could be applied in a different way with the same goal

Understand the criteria for monopolistic competition and the concept of perfect price discrimination.

Understand the principles of monopolistic competition, including product differentiation and market power.

Distinguish between monopolistic competition and perfect competition, including demand curves, efficiency, and profit-making.

Identify the characteristics and outcomes of the long-run equilibrium in monopolistic competition, such as breaking even and operating below peak efficiency.

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Definitions:

Call Option Contracts

Financial agreements that give the buyer the right, but not the obligation, to buy an asset at a specified price within a certain timeframe.

Option Quoted

The listed price of an option contract on an exchange, often comprising its intrinsic value and time value.

Time Value

The additional amount an investor is willing to pay for an option or other financial product based on its potential to increase in value over time.

November 45 Call

A type of option contract that gives the holder the right, but not the obligation, to buy a stock or another financial instrument at a specified price (in this case, $45) on or before November's expiration date.