The formation of cartels is illegal in all countries of the world
Indicate whether the statement is true or false
F
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The impact of a strike is limited to the ability of the union to
A) prevent replacement workers from continuing their work. B) lower its wage demands of non-union members. C) control the pension fund. D) none of the above.
A perfectly competitive firm can continue to earn above-normal profit in the long run
a. if it has a continued technical advantage over other firms in the market and it is able to keep that advantage a secret b. if it has employees that are substantially more efficient than other firms' workers c. if its centralized location reduces its transportation costs below those of other firms d. if it has easier access to necessary raw materials e. under no circumstances
Cindy's Car Wash has average variable costs of $2 and average fixed costs of $3 when it produces 100 units of output (car washes). The firm's total cost is
a. $100. b. $200. c. $300. d. $500.
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid a fixed fee. Under this contract,
A) production efficiency is achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.