Jane is trying to decide which courses to take next semester. She has narrowed down her choice to two courses, Econ 1 and Econ 2. Now she is having trouble and cannot decide which of the two courses to take
It's not that she is indifferent between the two courses, she just cannot decide. An economist would say that this is an example of preferences that: A) are not transitive.
B) are incomplete.
C) violate the assumption that more is preferred to less.
D) all of the above
B
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. If there is no ordinance against loud music, the Coase theorem predicts that
A) Dudley will pay Angus to not play the bagpipes. B) Angus will pay Dudley so Angus can play the bagpipes. C) Dudley will do nothing and Angus will mop floors. D) no bargain can be reached between Angus and Dudley.
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