If Firms in a Competitive Market Are Making Positive Economic

question 98

Multiple Choice

If firms in a competitive market are making positive economic profits,you would expect firms to ________ the market,causing the ________ curve to shift to the ________.

• A) enter; demand; right
• B) enter; demand; left
• C) enter; market supply; right
• D) enter; market supply; left
• E) leave; market supply; left

Understand the ethical frameworks related to labor relations and criticisms of union activities.

Analyze the changing nature of union models in response to societal shifts.

Understand approaches to union avoidance and their implications.

Grasp the concept of union representation and its scope.

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Definitions:

Broker

An individual or firm that acts as an intermediary between buyers and sellers, typically in financial transactions, real estate, or insurance.

Assumes a Risk

A legal doctrine where an individual knowingly exposes themselves to a hazard or danger and is considered to have consented to the risk involved.

Insurer

A company or entity that provides insurance policies to protect individuals or organizations against financial loss or damage.

Premium

A sum paid periodically to the insurer by the insured for covering their risk.