Economists Use a Preference Map to Illustrate That

question 99

Multiple Choice

Economists use a preference map to illustrate that

• A) more is better than less.
• B) preferences are transitive.
• C) preferences are complete.
• D) All of the above.

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Definitions:

Wage Rate

The amount of money that is paid to a worker for a specified quantity of labor, usually expressed per hour or piece of work done.

Cobb-Douglas

A type of production function used in economic modeling to represent the relationship between two or more inputs (typically labor and capital) and the output they produce.

Labor Earnings

The income earned by workers for their labor, typically measured in terms of wages or salaries.

Endowed

Having been provided or supplied with a particular attribute, resource, or piece of knowledge naturally or by circumstance.