In an industry where some firms were unionized and others were not, the union would oppose which of the following
a. A decrease in the price of a complementary input
b. An increase in the price of a substitute input.
c. An increase in demand for the goods produced by the industry.
d. A shift in industry production overseas, where the union has no power.
d
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Which of the following, necessarily, equals zero when the firm's short-run output level is zero?
a. sunk costs b. fixed costs c. implicit costs d. variable costs e. opportunity costs
Discouraged workers are officially
A. unemployed. B. employed. C. not in the labor force. D. in the labor force.
In a simple economy (no government or foreign trade), the vertical distance between the consumption function and the expenditure schedule measures
a) undesired investment b) undesired inventory depletion c) planned investment d) unintended investment
Suppose we observe the following two simultaneous events in the market for fish. First, there is a decrease in the demand for fish due to changes in consumer tastes. And second, there is a reduction in seafood supply due to oil spills in the oceans. We
know with certainty that these two simultaneous events will cause which of the following? A) no change in the equilibrium quantity and a reduction in the equilibrium price B) an increase in the equilibrium quantity and in the equilibrium price C) a decrease in the equilibrium quantity and an indeterminate change in the equilibrium price D) a decrease in the equilibrium quantity and an increase in the equilibrium price