In the short run, a perfectly competitive firm will shut down if
a. its total costs exceed its revenues.
b. its total variable costs exceed its revenues.
c. its total fixed costs exceed its revenues.
d. it can't earn a positive economic profit.
B
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In a problem involving exchange, the contract curve shows
A) all exchanges that make both parties better off. B) the one exchange that makes both parties better off. C) all possible allocations of goods between both parties. D) all possible efficient allocations between both parties.
Which of the following statements about labor unions and management during the 1940s is most accurate?
a. The real earnings of workers increased significantly during World War II. b. During World War II there were many strikes. c. There were few strikes during World War II because management frequently locked-out labor before the employees could strike. d. Immediately following the end of the war was a period of significant earnings growth for labor union members.