In economics, a synonym for utility is
A) usefulness.
B) satisfaction.
C) sacrifice.
D) a service.
B
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Stockholders
A) select the managers of a corporation. B) select the employees of a corporation. C) select the board of directors of a corporation. D) all of the above.
Assume that the equilibrium price in a perfectly competitive industry is $4.25 . If a firm in this industry produced and sold 10 units with an average total cost of $5.00, what would be the result would be:
a. a profit of $0.75 b. a profit of $7.50 c. a loss of $0.75 d. a loss of $7.50
A closed shop exists when the
a. employer is only permitted to hire union members b. union is the owner of the firm c. union members are not allowed to be hired d. employer can hire nonunion workers, but the workers must join the union within a certain time period e. firm goes bankrupt and workers lose their jobs
If the MRP of labor is below the wage rate, the firm should lay off workers
a. True b. False Indicate whether the statement is true or false