-If Price Is $5, Marginal Cost Is $5, Average Total

question 316

Multiple Choice

-If price is $5, marginal cost is $5, average total cost is $3, and the quantity produced is 150 units, then the perfectly competitive firm is

• A) not maximizing economic profit.
• B) earning $2 in economic profits and is maximizing economic profits.
• C) earning $150 in economic profits and is not maximizing economic profits.
• D) earning $300 in economic profits and is maximizing economic profits.

Understand the common cognitive biases affecting human judgment and decision-making.

Identify and explain strategies for debiasing thinking.

Recognize the difference between automatic and deliberate thinking systems.

Understand the concept and examples of mental shortcuts (heuristics).

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Definitions:

Voluntary Recognition

The process by which an employer acknowledges a labor union as the official bargaining representative for its employees without requiring a formal election.

Supervisory Exclusions

Provisions within labor laws that prevent individuals with managerial or supervisory roles from participating in collective bargaining units.

NLRA

The National Labor Relations Act, a foundational piece of United States legislation that protects the rights of employees to organize and to bargain collectively with their employers.

Legal Interpretation

The process of determining the meaning and implications of statutes, regulations, legal precedents, and contractual agreements.