The questions below are based on the table below. Fill in the blank spaces first. 
If the product and labor markets are both imperfect, what will be the wage rate paid to the laborer?
What will be an ideal response?
The wage paid to the laborer is W = 10 + 3(2) = 16.
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Which of the following statements is true of equilibrium?
A) Economic agents have an incentive to divert from equilibrium. B) Each economic agent can reach equilibrium irrespective of the actions of others. C) In equilibrium, the opportunity cost of the choices made by each economic agent is zero. D) In equilibrium, all economic agents are choosing the best feasible option simultaneously.
Which of the following statements is FALSE?
A) A consumer has only one indifference curve. B) A consumer possesses a preference map. C) An indifference curve is a curve that shows the combination of goods among which a consumer is indifferent. D) The marginal rate of substitution is the rate at which a consumer will give up good y to get more of good x and remain on the same indifference curve.
Contractual savings institutions include
A) mutual savings banks. B) money market mutual funds. C) commercial banks. D) life insurance companies.
When the price of a normal good decreases, people increase their consumption of the good. The reason is
A) the law of diminishing marginal utility. B) the substitution and income effects. C) the substitution effect only. D) the income effect only.