Advocates of unions contend that unions are a necessary antidote to the market power of the firms that hire workers and that unions are important for helping firms respond efficiently to workers' concerns
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that at the current level of output, price = $12, MC = $4, AVC = $7, and ATC = $11. Which of the following is TRUE?
A) The firm should decrease output. B) The firm should shut down. C) The firm should increase output. D) The firm should maintain the current level of output.
Which of the following does not represent a tradeoff facing a consumer?
a. choosing to purchase more of all goods b. choosing to spend more time on leisure and less time on work c. choosing to spend more now and consume less in the future d. choosing to purchase less of one good in order to purchase more of another good
The minimum legal price that can be charged in a market is:
A. full economic price. B. a price floor. C. a price ceiling. D. non-pecuniary price.
When the long-run average total cost curve is horizontal, a firm has economies of scale.
Answer the following statement true (T) or false (F)