A competitive equilibrium:
A) is never Pareto- optimal.
B) requires a price such that quantity demanded equals quantity supplied.
C) is never Walrasian- optimal.
D) is based on the assumption that individuals set prices.
Correct Answer:
Verified
Q19: In most markets, prices are determined when
Q20: In the long run equilibrium:
A)price is equal
Q21: A price taking firm that has TC
Q22: Andrew's demand for fish is: QA=12- 3P.
Q23: Market supply is:
A)is the sum of the
Q25: The competitive firm's supply curve:
A)gives the profit-
Q26: Suppose that short- run SMC = 10
Q27: A perfectly competitive market's short- run supply
Q28: A necessary condition for an industry to
Q29: If a competitive firm has TC =
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