Refer to the figure above. What is the equilibrium wage rate if the labor demand curve is LD1 and the labor supply curve is LS1?

____________ is a state of preferring a certain return to an uncertain prospect that generates the same expected return.

Fill in the blank(s) with the appropriate word(s).

An individual rents an apartment for $200 per month. His monthly opportunity cost of commuting to work from this apartment is $50. After a year, he moves to an apartment closer to his place of work, but pays $250 as rent

Compared to the initial situation, after a year: A) his direct cost of renting the apartment increases, while the indirect cost of renting the apartment remains unchanged. B) his direct cost of renting the apartment increases, while the indirect cost of renting the apartment decreases. C) his direct cost of renting the apartment remains the same, while the indirect cost of renting the apartment decreases. D) his direct cost of renting the apartment remains the same, while the indirect cost of renting the apartment increases.