A class-action lawsuit is a civil action brought in a court of law designed to make it feasible for people who have suffered damages to come together to sue for recovery

A firm operating in a competitive market will stay in business in the short run so long as the market price exceeds the firm's average total cost; otherwise, the firm will shut down

a. True b. False Indicate whether the statement is true or false

Which of the following comparisons best illustrates a compensating differential?

a. John's wage is higher than Jane's because the value of John's marginal product is higher than Jane's. b. Karl's wage is higher than Kay's because Karl is very personable, and Kay is very gruff. c. Beth's wage is higher than Bill's because Beth's job may cause long-term health problems, and Bill's job will not impair his health. d. All of the above are good illustrations of compensating differentials.