The wage rate increases in a purely competitive industry. This change will result in a(n):
A. Decrease in average total cost for a firm in the industry
B. Decrease in average variable cost for a firm in the industry
C. Increase in the marginal cost curve for a firm in the industry
D. Increase in short-run supply curve for a firm in the industry
C. Increase in the marginal cost curve for a firm in the industry
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Negative externalities:
a. are found only in large cities. b. occur whenever individual health is harmed in the production process. c. impose most of their costs directly on consumers of polluting processes. d. impose most of their costs on individuals other than consumers of the polluting product.
From a union's perspective, the optimal level of employment is determined by the intersection of the
A. Labor demand curve and the marginal wage curve. B. Labor demand curve and the marginal factor cost curve. C. Labor demand curve and the labor supply curve. D. Marginal wage curve and the labor supply curve.
Combining various goods and services into a convenient grouping is called
A. conglomeration. B. blending. C. congregation. D. agglomeration. E. aggregation.
Perfectly competitive firms sell homogeneous products.
Answer the following statement true (T) or false (F)