Which of the following will decrease the demand for fast-food burger workers' labor?
a. More people start working two jobs and eat more fast food.
b. The price of pizza, a substitute for burgers, decreases.
c. A new technology allows burgers to be produced faster.
d. Workers get additional training that increases productivity.
e. Workers form a union and get higher wages.
b
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The average total cost curve is U-shaped. At the quantity of output where average total cost is at its minimum, is the marginal cost curve above the average total cost curve,
below the average total cost curve, or intersecting the average total cost curve?
The "invisible hand" refers to
a. how central planners made economic decisions. b. how the decisions of households and firms lead to desirable market outcomes. c. the control that large firms have over the economy. d. government regulations without which the economy would be less efficient.
The four-firm concentration ratio cannot have a value above 1.0.
Indicate whether the statement is true or false.
In a market for used cars, if the minimum supply price for plums is lower than consumers' willingness to pay for a lemon, only plums will be supplied at the consumers' willingness to pay for a lemon.
Answer the following statement true (T) or false (F)