For an individual consumer, a corner solution may be optimal such that MRS and MRT are not equal,
A) but this is not possible in an Edgeworth Box due to the transitivity of preferences.
B) but this is not possible in an Edgeworth Box because price ratios must be positive.
C) and this may also occur in an Edgeworth Box.
D) and this may only occur in an Edgeworth Box under the perfect complements case.
C
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In a monopolistically competitive market there are
A) many firms. B) one firm. C) a very small number of firms. D) two firms.
The labor force in the United States is defined as
A) the total number of individuals who are employed. B) the sum of the total number of individuals who are employed and the officially unemployed. C) the sum of the total number of individuals who are employed, the officially unemployed, and discouraged workers. D) the total number of individuals who are 16 years old and older, but not retired. E) none of the above