The utility function captures
A) how consumers interact.
B) how an individual consumer ranks consumption bundles.
C) how output is produced from labor and capital inputs.
D) how happy a consumer is about a given consumption bundle.
B
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Cost-push inflation is
A) inflation caused by decreases in aggregate supply that generate an even larger decrease in aggregate demand. B) inflation caused by increases in aggregate demand that are not matched by increases in aggregate supply. C) inflation caused by increases in aggregate demand that generate an even larger increase in aggregate supply. D) inflation caused by decreases in aggregate supply that are not matched by decreases in aggregate demand.
The figure above shows a labor market. If there is a monopsony in this labor market, the wage rate is
A) $4 per hour. B) $6 per hour. C) $8 per hour. D) $10 per hour.