Which of the following is true for both perfectly competitive and monopolistically competitive firms in the long run?

A business enterprise in which employees must belong to the union before they can be hired is

A) a closed shop. B) a union shop. C) a jurisdictional dispute. D) an industrial union.

If Fred's marginal rate of substitution of salad for pizza equals 5, then

A) he would give up 5 pizzas to get the next salad. B) he would give up 5 salads to get the next pizza. C) he will eat five times as much pizza as salad. D) he will eat five times as much salad as pizza.