An Aggregate Supply Curve That Slopes Upward Must Be

question 45

Multiple Choice

An aggregate supply curve that slopes upward must be:

• A) a short-run curve.
• B) a long-run curve.
• C) an individual firm's supply curve.
• D) an individual industry's supply curve.

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Definitions:

Landrum-Griffin

Refers to the Labor-Management Reporting and Disclosure Act of 1959, which aims to protect union members' rights and improve union governance.

Union Election

A formal voting process where workers decide whether to be represented by a labor union or not in their workplace.

Taft-Hartley Act

A 1947 U.S. federal law that restricted the activities and power of labor unions, including outlawing closed shops and permitting states to pass right-to-work laws.

Right-to-Work Laws

Legislation that prohibits union security agreements, or agreements between employers and labor unions, that govern the extent to which an established union can require employees' membership, payment of union dues, or fees as a condition of employment.