Shianne works in a government budgeting office. Her supervisor has ordered her to create a sample budget that makes cuts to discretionary spending. Where can she make cuts?
a. Medicare
b. disability programs for workers
c. Social Security
d. secretarial salaries
d. secretarial salaries
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Black-market prices are below equilibrium prices because sellers want to sell large quantities
a. True b. False Indicate whether the statement is true or false
Which of the following describes accurately the long run in perfect competition but is not true of the long run in monopolistic competition?
a. The firm produces where ATC is minimized. b. Economic profit is zero. c. Marginal revenue equals marginal cost. d. The firm will fail to produce enough to minimize ATC.
Negotiations between the management of a company and the management of a union for the purpose of setting a mutually agreeable contract on wages, fringe benefits and working conditions for all employees in a union is know as
A) a closed shop. B) a union shop. C) collective bargaining. D) an industrial union.
The situation in which one firm can produce the total output of the market at a lower cost than several firms is called a
A) natural monopoly. B) pure monopoly. C) ruling monopoly. D) cost monopoly.