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Long-run output and equilibrium price combinations describe a purely competitive industry’s: (w) demand curve. (x) long-run supply curve. (y) expansion path. (z) contract curve. I need a good answer on the to
The procedure in which employers and unions agree to labor contracts which govern work arrangements is termed as: (i) Arbitration. (ii) Codependency. (iii) Bilateral monopoly. (iv) Joint profit maximization. (v) Collective bargaining. Q : Inter-temporal Costs and Benefits Harvey is currently a Junior Analyst at a financial firm. His annual salary is $30,000, and past experience leads him to believe that the real (inflation adjusted) value of his salary will remain at that level in the future. (Assume he is paid at the end o
Harvey is currently a Junior Analyst at a financial firm. His annual salary is $30,000, and past experience leads him to believe that the real (inflation adjusted) value of his salary will remain at that level in the future. (Assume he is paid at the end o
Unregulated monopolistic firms which do not price discriminate do NOT: (i) have power as price makers. (ii) dominate the supply side of the market. (iii) select profit maximizing price/quantity combinations from the market demand curv
The least possible costs of alternative outcomes to the primary economic question of “what?” can be represented with the production possibilities curve through: (1) The slopes of movements all along the curve. (2) Shifting the curve up by
At prevailing wages the LEAST elastic demand for labor is probably faced by: (1) unskilled harvest workers. (2) garment workers. (3) assembly line workers. (4) dentists. Please choose the right answer from above...
A profit-maximizing monopolist will necessarily incur economic losses when, at every feasible level of output as: (w) average fixed costs [AFC] are very high. (x) average total costs [ATC] lies above the demand curve. (y) average tota
Not between strategies historically employed by some unions however now illegal in the United States are: (i) Jurisdictional strikes centered on which the unions will stand for a firm’s staff. (ii) Agency shop contracts forcing the non-union staff to pay ‘
A monopolist will prevent operating within the long run unless its economic profit is: (i) zero. (ii) positive. (iii) greater than accounting profit. (iv) zero or greater. (v) zero or less. I need a good answer on
What happens to ATC if MC < ATC? Answer: ATC will down or fall.
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