Econ Micro (book Only)
Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
Question
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Chapter 12, Problem 10P
To determine

The reasons firms in industries with high fixed costs be apt to prevent strikes or end-strikes quickly.

Concept Introduction:

Strike:

This is an industrial action taken up by the employees working in a factory or any industry as a form of protest against certain demands requested by the workforce which has been turned down by the employer.

Fixed cost:

This is a cost that does not vary with the number of units produced.

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Sue is a sole proprietor of her own sewing business. Revenues are $150,000 per year and raw material (cloth, thread) costs are $130,000 per year. Sue pays herself a salary of $60,000 per year but gave up a job with a salary of $80,000 to run the business. ○ A. Her accounting profits are $0. Her economic profits are - $60,000. ○ B. Her accounting profits are $0. Her economic profits are - $40,000. ○ C. Her accounting profits are - $40,000. Her economic profits are - $60,000. ○ D. Her accounting profits are - $60,000. Her economic profits are -$40,000.
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