_____ Act set forth a list of "employers' rights."
A. Both the Taft-Hartley and the National Labor Relations
B. Neither the Taft-Hartley nor the National Labor Relations
C. The Taft-Hartley, but not the National Labor Relations
D. The AFL, but not the Knights of Labor
C. The Taft-Hartley, but not the National Labor Relations
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Refer to Figure 11-10. Suppose for the past 8 years the firm has been producing Qd units per period using plant size ATC4. Now, following a permanent change in demand, it plans to cut production to Qc units
What will happen to its average cost of production? A) In the short run, its average cost rises from $47 to $55, and in the long run, average cost falls to $41. B) In the short run, its average cost rises from $47 to $55, and in the long run, average cost falls to $37. C) In the short run, its average cost falls from $47 to $37, and in the long run, average cost rises to $41. D) In the short run, its average cost falls from $47 to $41, and in the long run, average cost falls even further to $37.
If an isocost line crosses the isoquant twice, a cost minimizing firm will
A) use a different isocost line to select the bundle of inputs. B) use the input bundle associated with the intersection on the higher point of the isoquant. C) use the input bundle associated with the intersection on the lower point of the isoquant. D) Both B and C.
When economists say a market has "barriers to entry," they refer to:
A. monopolists being prohibited from selling their products to certain customers. B. a policy that some countries establish to reduce imports from other countries. C. factors that prevent other firms from challenging a firm with market power. D. economic profits that are positive, but too high to encourage entry.
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output is $4.00 and the market price is $4.50. What should the firm do?
A. Shut down if the minimum possible average variable cost is below $4.50 B. Decrease output if the minimum possible average variable cost is below $4.50 C. Increase output if the minimum possible average variable cost is below $4.50 D. Decrease output if the minimum possible average variable cost is above $4.50