Which of the following cultural events likely increased the demand for the product highlighted in the event?
A) the banning of cigarette advertising on television
B) the inclusion of Reese's Pieces in the movie E.T.
C) increased environmental awareness about the impacts of sport utility vehicles (SUVs)
D) concerns over "Mad Cow" disease in beef
B
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If a firm makes zero economic profit, then the firm
A) has no incentive to stay in the industry. B) is better of exiting the industry. C) is indifferent between staying and exiting the industry. D) will shut down.
A labor union is an organization representing workers in negotiations with employers over wages, benefits, and working conditions
a. True b. False Indicate whether the statement is true or false
If a regulatory commission set a price for a natural monopoly where marginal cost is equal to demand
A) the firm would earn monopoly profits. B) economic efficiency would not be achieved. C) the firm would incur a loss. D) the firm would break even.
When Burger Barn hires one worker, 20 customers can be served in an hour. When Burger Barn hires two workers, 50 customers can be served in an hour. The marginal product of the second worker is ________ customers served per hour.
A. 15 B. 30 C. 40 D. 67.5