If butter is a substitute for margarine, then an increase in the price of butter would be most likely to cause:
a. a rightward shift of demand for margarine.
b. a leftward shift of demand for margarine.
c. the quantity demanded for margarine to increase.
d. the quantity demanded for margarine to decline.
e. a decline in the price of margarine.
a
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Carol's Candies is producing 150 boxes of candy a day. Carol's marginal revenue and marginal cost curves are shown in the figure above. To increase her profit, Carol should
A) increase her output. B) decrease her output. C) maintain the current level of output because it gives her the maximum profit. D) Not enough information is given to determine if Carol should increase, decrease, or not change her level of output.
A company can hire non-union workers, but a condition of their employment is that they must join the union within their first 90 days on the job. This is an example of a
A) right-to-work law. B) closed-shop. C) union shop. D) voluntary craft union.