Collective bargaining contracts between management and the union negotiators
A) also apply to the workers who are not members of the union.
B) usually are settled only after a strike.
C) cover wages only.
D) cover wages and fringe benefits only.
Answer: A
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Refer to Figure 13-14. It is possible to lower the average cost of production by expanding output beyond Q0 to Q1. Why wouldn't a firm expand its output to Q1?
A) Demand is not sufficient for consumers to buy Q1. B) The firm wants to maximize accounting profit rather than economic profit. C) The firm would suffer an economic loss at Q1 while it would break even at Q0. D) The firm's marginal revenue would be negative at Q1.
A consumer was at an optimum. She then discovers that the marginal utility per dollar spent on food is more than the marginal utility per dollar spent on movies. She knows then that
A) the price of movies must have decreased. B) the price of food must have increased. C) the price of movies must have increased or the price of food must have decreased. D) the price of movies must have decreased or the price of food must have increased.