Unions often attempt to obtain stricter certification requirements and/or longer apprenticeships. These changes will tend to raise union workers' wages because they
a. create unnecessary unemployment.
b. shift the labor supply curve leftward.
c. decrease the marginal product of labor.
d. increase the demand for the product.
B
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When the supply of a good decreases, there will be a(n):
A. increase in the quantity demanded. B. decrease in buyers' reservation prices for the good. C. decrease in the quantity demanded. D. decrease in demand.
A perfectly competitive firm shuts down if the price of its product is
A) greater than its minimum average variable cost. B) less than its minimum average variable cost. C) greater than its maximum variable cost. D) less than its minimum total cost.
When a government imposes price controls, the result is that
A) the rationing function of prices is not allowed to function freely. B) the price system operates more efficiently. C) all trades are as mutually beneficial to each party as possible. D) scarcity usually disappears.
A manager invests $400,00 . in a technology to reduce overall costs of production. The company managed to reduce their cost per unit from $2 to $1.85 . Ceteris peribus, if the firm continues its production in the same economic environment, the firms accounting profits should
a. increase b. decrease c. stay the same d. does not affect profits