Competition results in the efficient product mix because
A) producers are setting MRT equal to minus the price ratio while consumers are setting MRS equal to minus the price ratio ensuring that MRT will equal MRS.
B) consumers are on the contract curve.
C) the slope of the production possibility frontier will equal the slope of the contract curve.
D) the distribution of the final output is Pareto efficient.
A
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Evidence of differences in average wages of women compared to men
a. clearly illustrates differences in productivity between genders. b. provides conclusive evidence of discrimination on the basis of gender. c. is seldom used to provide evidence of discriminatory bias. d. does not provide conclusive evidence of discrimination.
You know that a candy bar cost five cents in 1962 . You also know the CPI for 1962 and the CPI for today. Which of the following would you use to compute the price of the candy bar in today's prices?
a. five cents (1962 CPI / today's CPI) b. five cents ((today's CPI - 1962 CPI)/1962 CPI) c. five cents (today's CPI / 1962 CPI) d. five cents today's CPI - five cents 1962 CPI.
Tastie Gum sells a pack of gum for ?$1.50. The marginal product of labor is 8 packs of gum. The marginal revenue product of labor is ?$ nothing. ?(Enter your response rounded to two decimal? places.)
Tastie Gum sells a pack of gum for
The marginal product of labor is
packs of gum. The marginal revenue product of labor is
?(Enter your response rounded to two decimal? places.)
An increase in the price of product B resulted in an increase in the demand for product C. This indicates that products B and C are:
a. Normal goods b. Complementary goods c. Inferior goods d. Substitute goods