A higher wage could result in a lower labor cost per unit of output than a lower wage if the higher wage:
A. is accompanied by an offsetting decline in fringe benefits.
B. increases supervision costs.
C. reduces job turnover.
D. increases worker absenteeism.
C. reduces job turnover.
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Structural unemployment will decrease when:
A. unemployment insurance benefits are increased. B. the minimum wage is decreased. C. the minimum wage is increased. D. union wages are increased.
Shrimp is an increasingly popular part of the American diet. Louisiana shrimpers who represent the bulk of the U.S. industry were almost all put out of business by Hurricane Katrina
How did this affect the equilibrium price and quantity of shrimp?
A firm would decide to shut down if its production resulted in
A) AFC > AVC. B) MR < AVC. C) ATC > AVC. D) MR < ATC.
The vertical distance between the average variable cost and average total cost curves
A. decreases as quantity increases. B. is everywhere equal to total fixed costs. C. increases at a decreasing rate. D. is everywhere equal to marginal cost.