Create an account
law of diminishing marginal returns
law that states that if additional units of one resource are added to another resource in fixed supply, eventually the additional output will decrease
seller that can sell all its output at the equilibrium price but can sell none at any other price
an agreement that specifies how the firms that entered into the agreement will act in a coordinated way to reduce the competition among them
robinson-patman act (1936)
prevents suppliers from offering discounts to large businesses to prevent closing of small businesses
wheeler-lea act (1938)
empowered the federal trade commission (FTC) to deal with fraudulent acts by businesses
american federation of labor (1886)
samuel gompers! lobbying for better pay and improved working conditions
the norris-laguardia and wagner acts
1932 and 1935; claimed workers should be free from interference, restraint, and coercion of employers; made it illegal for employers to interfere with employees' rights to organize a union
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