In the Long Run

question 227

Multiple Choice

In the long run,

• A)both monopolists and perfectly competitive firms produce at minimum long-run average total cost.
• B)a monopolist will exit the industry if he or she is earning zero economic profit.
• C)a monopolist will always charge a higher price than he or she charges in the short run.
• D)consumer surplus is smaller if an industry is a monopoly than if it is perfectly competitive.

Analyze the impact of employer and union tactics on employee free choice during union representation elections.

Comprehend the significance of "laboratory conditions" or the "General Shoe" doctrine in maintaining the integrity of union elections.

Understand the effects of workplace culture and employee relations on unionization efforts and outcomes.

Understand the process and requirements for decertification of a union.

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Definitions:

Absorption Costing

An approach to costing that encompasses all costs associated with manufacturing, including direct materials, direct labor, as well as variable and fixed manufacturing overheads, in the product cost.

Absorption Costing

A strategy in accounting practice that aggregates all manufacturing expenses, from direct materials and labor to variable and fixed overheads, into the determination of a product's cost.

Break-Even Sales

The amount of revenue required to cover both the variable and fixed costs of a business, indicating no profit and no loss.

Contribution Margin

The amount by which the sale of a product exceeds its variable costs, contributing to covering fixed costs and generating profit.