If a Consumer Prefers Apples to Bananas and Prefers Bananas

question 16

Multiple Choice

If a consumer prefers apples to bananas and prefers bananas to citrus fruit, in order to satisfy assumptions about preferences she has to prefer

• A)bananas to apples.
• B)citrus fruit to bananas.
• C)apples to citrus fruit.
• D)citrus fruit to apples.

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Definitions:

Farm Output

The total quantity of agricultural products produced by a farm over a specific period.

Federal Minimum Wage

The lowest legal wage that can be paid to workers in the United States, set by federal law.

Long-run Aggregate Supply

The total production of goods and services in an economy at full employment, assuming no changes in technology and resources.

Lockbox System

A service provided by banks to companies for the collection of payments from customers, involving the use of a special post office box.