From an Economic Perspective,when Consumers Leave a Fast Food Restaurant

question 116

Multiple Choice

From an economic perspective,when consumers leave a fast food restaurant because the lines to be served are too long,they have concluded the:

• A) marginal cost of waiting is less than the marginal benefit of being served.
• B) marginal cost of waiting is greater than the marginal benefit of being served.
• C) management is exhibiting irrational behavior by not maximizing profits.
• D) management is making an assumption that other things are equal.

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Definitions:

Instant Elections

Swiftly organized votes, possibly leveraging technology, to decide on issues of immediate concern, often within a workplace or organizational context to gauge opinion or decide on actions.

Labor Protections

Laws and regulations designed to establish safe working conditions, fair wages, and protection from unfair labor practices for workers.

Comparative Labor Relations

The study of labor relations, policies, and practices in different countries to understand variations and similarities in workplace and employee relations.

Labor Relations

The interactions between employers, employees, and their representatives (often unions) focusing on employment terms and workplace conditions.