Which type of collective bargaining agreement requires workers to be union members prior to being considered for employment?
A) right-to-work
B) union shop
C) open shop
D) closed shop
Answer: D
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If a monopolistically competitive firm's marginal cost curve shifts upward, then the amount of output it produces
A) increases. B) stays the same. C) decreases. D) could increase, decrease, or stay the same but more information is needed.
The difference between variable cost and fixed cost is that
a. fixed cost is paid even when there is no output b. fixed cost is always falling as output increases c. variable cost only increases for a while and then it decreases d. fixed cost is always less than variable cost e. fixed cost is not paid once production begins
For market efficiency, MSC must be equated to MSB.
A. True B. False C. Uncertain
Refer to Scenario 7.1 below to answer the question(s) that follow. SCENARIO 7.1: You are the owner and only employee of a company that writes computer software that is used by gamblers to collect sports data. Last year you earned a total revenue of $90,000. Your costs for equipment, rent, and supplies were $60,000. To start this business you invested an amount of your own capital that could pay you a return of $40,000 a year. Refer to Scenario 7.1. During the year your economic costs were
A. $40,000. B. $60,000. C. $100,000. D. $130,000.