Refer to Table 4.1. If Mike starts with 3 CDs and 2 economics books, would he be willing to trade one CD for an economics book?
A. Yes, because the bundle with 2 CDs and 3 economics books is ranked higher than the bundle with 3 CDs and 2 economics books
B. No, because the bundle with 2 CDs and 3 economics books is ranked higher than the bundle with 3 CDs and 2 economics books
C. Yes, because the bundle with 3 CDs and 2 economics books is ranked higher than the bundle with 2 CDs and 3 economics books
D. No, because the bundle with 3 CDs and 2 economics books is ranked higher than the bundle with 2 CDs and 3 economics books
D. No, because the bundle with 3 CDs and 2 economics books is ranked higher than the bundle with 2 CDs and 3 economics books
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A perfectly competitive firm is operating where its total revenue equals its total cost. In the short run, if market demand increases, this firm will have an economic
a. loss and reduce output b. loss while expanding output c. profit and reduce output d. profit while expanding output e. profit, but will not change output
Collective bargaining refers to
a. the process by which the government sets exemptions from the minimum wage law. b. setting the same wage for all employees to prevent conflict among workers. c. firms colluding to set the wages of employees below equilibrium. d. the process by which unions and firms agree on the terms of employment.