When two people are on the contract curve, the allocation of goods
A) cannot be improved.
B) is pareto efficient.
C) is such that neither individual can be made better off without making the other worse off.
D) All of the above.
D
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Use the following figure to answer the question below.
The combination of sixty-five pounds of corn and sixty-five pounds of green beans is
A. attainable. B. not attainable. C. efficient. D. not efficient.
"A single-price monopoly charges a higher price and produces more output than a perfectly competitive industry." Is the previous statement correct or incorrect? Explain your answer
What will be an ideal response?
Which of these is not among the principal determinants of economic growth?
A) institutions B) education C) research and development D) balanced trade E) saving and investment
Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A. Joe and Mary will only trade if the equilibrium price is less than $1. B. Joe and Mary will not trade in equilibrium. C. Joe and Mary can make a mutually beneficial exchange. D. Joe and Mary cannot make a mutually beneficial exchange.