In an economy which produces two goods X and Y, using two inputs L and K, efficient input use occurs when
A) MRTSLKX = MRSLKY
B) MRTXY = MRSXY
C) MRSX/PX = MRSY/PY
D) MRTSLKX = MRTSLKY
D
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Results of the ultimatum game indicate that most people value fairness enough that they will refuse to participate in a transaction they consider unfair, even if they are worse off financially as a result
Indicate whether the statement is true or false
An increase in price expectations in the Keynesian model will shift
a. labor demand and aggregate supply to the left. b. labor demand to the left and aggregate supply to the right.. c. labor demand and aggregate demand to the right. d. labor supply and aggregate supply to the left. e. labor supply to the right and aggregate supply to the left.
In the United States, the supply curve for human organs currently is: a. vertical
b. horizontal. c. downward sloping. d. upward sloping.
In Table 9.3, Market 3 would be in equilibrium if buyers believed lemons account for:
A. 45% of the market. B. 50% of the market. C. 55% of the market. D. 60% of the market.