In the foreign exchange market between dollars and pesos, the demand for dollars by Mexicans creates the supply of pesos

Gift shops in a small town sell identical mugs to tourists. However, tourists don't have enough time to check out the prices one by one and don't have brochures listing prices of mugs. We can conclude

A) the market for mugs is perfectly competitive. B) buyers have full information. C) sellers are price takers. D) the market is not perfectly competitive.

Explain the expression "time is more valuable than money." Explain in words and use a diagram to illustrate the implications of this for a person's labor supply curve