The equilibrium price is the same as the market-clearing price
a. True
b. False
Indicate whether the statement is true or false
True
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When two people trade their initial endowments to a point on the contract curve, only the level of the endowments will determine the new allocation
Indicate whether the statement is true or false
Compared with the United States, developing countries
A. face geographic conditions that limit productivity. B. have universal health care that prevent the spread of diseases. C. have more political stability. D. have higher levels of educational attainment.
A nondiscriminating pure monopolist's demand curve:
A. lies above its marginal revenue curve. B. coincides with its marginal revenue curve. C. lies below its marginal revenue curve. D. is perfectly inelastic.
Recall the Application about the value of trees in residential neighborhoods to answer the following question(s).Recall the Application. Based on estimates of the value mature trees add to the value of an owner's house and the greater value that is added to neighboring houses, the equilibrium number of mature trees in residential neighborhoods is most likely:
A. greater than the socially efficient number. B. less than the socially efficient number. C. equal to the socially efficient number. D. infinite.