Discuss the factors behind the recent decline in labor union membership
Several possible reasons explain the recent decline in labor union membership. Some of these are: U.S. workers moving out of manufacturing into the service sector, where unions typically have a smaller presence; the deregulation of heavily unionized industries; global competition; and new laws regarding safer work places.
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What is the equation for the demand (which is also MR) faced by the individual farmer?
In the competitive market for organic corn, market demand is QD = 340 – 2P and market supply is QS= 100 + 4P, where P is the price per bushel, and Q is market output in thousands of bushels. Each individual farmer faces a marginal cost function of MC = 10 + 3q, where q is the single farmer’s output level in thousands.
Large amusement parks charge entrance fees rather than fee per ride because
a. Customers are more sensitive to paying a fee per ride b. Customers are less sensitive to paying a fee per ride c. Customers view paying per ride as a smaller cost d. None of the above
Reserves demanded varies
a. inversely with both prices and output. b. inversely with prices and directly with output. c. directly with prices and inversely with output. d. directly with both prices and output.
Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time horizon
a. True b. False Indicate whether the statement is true or false