For any given family of indifference curves, a consumer would prefer to be at a point:
A. on the indifference curve that is closest to the origin.
B. that is far to the right on an indifference curve.
C. that is far to the left on an indifference curve.
D. on the indifference curve that is farthest from the origin.
D. on the indifference curve that is farthest from the origin.
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Which of the following statements is TRUE when comparing monopsony and competitive labor markets?
A) The monopsony hires more workers but pays a lower wage. B) The monopsony hires more workers at a higher wage. C) The monopsonist's wage is lower and quantity of labor higher than would prevail under competition. D) The monopsonist's wage and quantity of labor are lower than would prevail under perfect competition.
Which of the following is not a component of the M1 money supply?
a. Demand deposits. b. Large-denomination (more than $100) bills. c. Interest-earning checking deposits. d. Outstanding balances on credit cards.