On the eve of World War I, gains for unions included all of the following except:
a. substantial wage gains for members in some industries, including bituminous coal mining.
b. the establishment of insurance programs to compensate workers injured on the job.
c. political victories, including the elevation of the Department of Labor to cabinet-level status.
d. legal protection of the closed shop.
d. legal protection of the closed shop.
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When a firm's demand curve is tangent to its average total cost curve: a. the firm must be operating in a monopolistically competitive market. b. economic profits are zero
c. the firm must be earning economic profits. d. the firm must be incurring economic losses.
William quits his job where he earns an annual salary of $75,000 and opens a management consulting business, charging an hourly rate of $120 . He works out of his home, converting a storeroom into an office. (Zoning restrictions prevent William from renting out the room.) Start-up costs are financed by selling $15,000 worth of bonds he inherited that were earning annual interest payments of $900
. During his first year, William incurs expenses for supplies and utilities that total $3,500 . The total cost of production in the first year equals a. $94,400 b. $79,400 c. $4,400 d. $3,500 e. $19,400