A possible benefit of unions is lower turnover among workers, which in turn leads to lower training costs.

Economies of scale occur when

A) a firm's long-run average total costs fall as it increases the quantity of output it produces. B) the marginal product of labor is greater than the average product of labor. C) the demand for a firm's output increases. D) short-run marginal cost falls.

In its simplest form, purchasing power parity would mean that a good in one country

A) would have the same exchange-rate adjusted price in another country. B) will be available for sale in another country. C) will reflect the exchange rate in another country. D) will reflect the transportation cost differences in another country.