Which of the following sets of preferences can not satisfy the property of transitivity?
a. Plan A is preferred to plan D. Plan D is preferred to plan B. Plan C is preferred to plan B.
b. Plan A is preferred to plan B. Plan B is preferred to plan C. Plan A is preferred to plan C.
c. Plan C is preferred to plan A. Plan B is preferred to plan A. Plan C is preferred to plan B.
d. Plan D is preferred to plan C. Plan C is preferred to plan B. Plan B is preferred to plan D.
d
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The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $5 per hour is imposed. Employment will fall by
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
A 10 percent increase in income has caused a 5 percent decrease in the quantity demanded. The income elasticity is
A) 0.5. B) -0.5. C) 2.0. D) -2.0.
What area in the above figure is the consumer surplus at the efficient quantity?
A) A B) A + B + C C) F D) D + E + F
Some firms practice odd pricing because
A) it is a way to price discriminate. B) it is too difficult for sellers to reeducate buyers into accepting even prices. C) it lowers transactions costs. D) they believe that customers will buy a larger quantity with an odd price.