The change in the quantity of goods and services that an hour's work can buy is measured by the

In an increasing-cost industry, the entry of new firms

a. decreases equilibrium price b. increases average cost at each level of output c. shifts the industry demand curve to the left d. increases economic profits in the industry e. shifts the long-run industry supply curve to the right

Which of the following is correct?

a. Nearly all economists believe that unions are bad for the economy as a whole. b. Unionized firms pay wages above the competitive equilibrium level. c. Unions increase the level of employment in unionized firms. d. Unions decrease the level of employment in firms without unions.