In competitive equilibrium
A. the MRT of all producers varies depending on the production function of the firm.
B. the MRS of all consumers varies if preferences vary.
C. it is impossible to make anyone better off without making someone else worse off.
D. All of these are true
Answer: C
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Last year, Danielle bought a bond for $10,000 that promises to pay $1,150 a year. This year, a person who buys a bond for $10,000 receives $1,210 a year. If Danielle were to sell her (old) bond, its price would be approximately
A) $9,504. B) $10,522. C) $11,211. D) $9,115.
Which of the following is the best approach to code the missing values in a data set??
A. ?Indicate missing values with nonnumeric characters. B. ?Set any numerical codes for missing values to some other character. C. ?Enter 999 or -1 as the missing values. D. ?Do not enter any value.
When there is overproduction in a market,
A. there is excess quantity demanded. B. the total of consumer and producer surplus is maximized. C. market price is too low. D. there is a deadweight loss.
Behavioral economists view the standard economic theory of decisions involving time as being too restrictive because people:
A. have lapses in self-control. B. make systematic errors in forecasting the future. C. are reluctant to abandon projects after incurring substantial sunk costs, despite low probabilities of success.