One reason unions might support an increase in the minimum wage is because such a policy would cause a leftward shift in the demand curve for union labor

A student receives a bachelor's degree in economics and then achieves gainful employment as an economic analyst with a Fortune 500 company. This new worker is likely to enhance the economy's productivity through:

A) scarcity. B) free goods. C) stable prices. D) specialization of labor.

Harry's Hookahs incurs $700,000 per year in explicit costs and $500,000 in implicit costs. The company earns $1.4 million in revenues and has $3.7 million in net worth. Based on this information, what is the accounting profit for Harry's Hookas?

A) $200,000 B) $700,000 C) $900,000 D) $1.1 million