An individual's labor supply curve shows
A) the maximum wage rates offered to that individual by various potential employers.
B) the relationship between wages and the quantity of labor that a firm is willing to employ.
C) the relationship between wages and the quantity of labor that she is willing to supply.
D) the relationship between the quantity of hours worked and total income earned by that individual.
C
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When Ramona is in consumer equilibrium
A) her total utilities of all goods are equal. B) she is maximizing her utility, given her income and the prices of goods and services. C) her total utility per dollar spent is equal for all goods. D) any change in prices would make her worse off.
Externalities
A) are not reflected in market prices, so they can be a source of economic inefficiency. B) do become reflected in market prices, so they can be a source of economic inefficiency. C) are not reflected in market prices, so they do not adversely affect economic efficiency. D) do become reflected in market prices, so they do not adversely affect economic efficiency. E) may or may not become reflected in market prices, but do not have an impact on economic efficiency in either event.