The WTO replaced the GATT in

Which of the followingbestdescribes the economic concept of utility?

a. Utility is the total number of units a consumer buys. b. Utility measures the usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility. c. Utility measures the satisfaction, or pleasure, that people receive from consuming a good or service. d. None of the above are correct.

What happens to labor supply in the pear-picking market when the wage paid to apple pickers increases?

a. The labor supply will stay unchanged until the wages paid to pear pickers change. b. The labor supply will decrease. c. The labor supply will increase. d. The labor supply may fall or rise, depending on the price of pears.