A perfectly competitive firm will earn positive economic profits in the range of output for which the firm's price is ________ its minimum average total cost.

A closed shop is a business enterprise in which

A) employees cannot belong to a union when they are employed, and cannot join a union and keep working there. B) employees must join the union to maintain employment. C) employees must belong to the union before they can be employed. D) employees cannot belong to the union when they are hired, but may join the union later and keep their jobs.

The reason for the long-run decline of the agricultural industry is that the:

A. Increases in the demand for farm products have been greater than the increases in the supply of farm products B. Increases in the demand for farm products have been less than the increases in the supply of farm products C. Decreases in the demand for farm products have been less than the increases in the supply of farm products D. Increases in the demand for farm products have been greater than the decreases in the supply of farm products