Diane lost her job and immediately started looking for another job. As a result the

The U.S. beer industry is characterized by market power for only a few firms, with the largest firm enjoying a 50% market share. One reason for this is economies of scale. Economies of scale means that:

a. as beer production increases, costs increase significantly. b. patents have allowed beer producers to have low costs of production. c. as beer production increases, the average total cost of production falls. d. if the industry were made perfectly competitive, the costs of production would fall.

Efficiency wage theories claim that firms may pay high real wages in order to:

A. avoid the threat of unionization. B. make workers more productive. C. discourage unskilled workers from applying. D. reduce the level of frictional unemployment.