Think totals: In a perfectly competitive labor market, the total labor cost curve, TLC
a. is upward sloping, and the marginal labor cost curve, MLC, is downward sloping
b. is downward sloping, and the marginal labor cost curve, MLC, is upward sloping
c. and the marginal labor cost curve, MLC, are both horizontal curves
d. is horizontal and the marginal labor cost curve, MLC, is upward sloping
e. is upward sloping, and the marginal labor cost curve, MLC, is horizontal
E
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Of the choices given below, Jimmy, whose utility of wealth schedule is given above, prefers
A) option A: $300 with certainty. B) option B: 50 percent chance of $200 and 50 percent chance of $400. C) option C: 50 percent chance of $200 and 50 percent chance of $700. D) option D: 90 percent chance of $400 and 10 percent chance of $0.
Consumption goods are
A) a form of investment. B) goods purchased from savings. C) a form of capital goods. D) goods purchased by households to be used immediately.