What is the purpose of a strike? What are the costs to workers and to management?
What will be an ideal response?
The purpose of a strike is to impose costs on management to force them to accept the union's proposed contract terms. The strike disrupts the firm's production schedule and may cost the firm sales and profits. The strike costs the workers in that they do not get paid during the strike.
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Dustin's copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC1), Plant 2 (ATC2), Plant 3 (ATC3), and Plant 4 (ATC4)
What is Dustin's long-run average cost if the output is 3,000 copies per day? A) 3.7 cents per copy B) 5.0 cents per copy C) 8.5 cents per copy D) More information is needed to determine the long-run average cost.
Refer to Figure 7-4. With insurance and a third-party payer system, what price do consumers pay for medical services?
A) $25 B) $40 C) $55 D) >$55
The economic role of the legal system might best be described as
A) promoting the productive efficiency of competitive markets. B) identifying and producing public goods. C) establishing the "rules of the game" and acting as a referee when disputes arise among market participants. D) identifying and producing merit goods.
Considered a fundamental pricing metric in commercial real estate markets, the ratio of a property's annual net income to its market value is more commonly referred to as a(n):
A. Appreciation rate B. Capitalization rate C. Discount rate D. Internal rate of return