In exchange economy the price of goods determines
A) potential consumption bundles
B) both income and potential consumption bundles
C) consumer preferences
D) income only
Correct Answer:
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Q50: In an exchange economy, goods are:
A)bought, sold,
Q51: Efficiency in consumption requires that:
A)MRS is identical
Q52: In the Edgeworth box, the contract curve
Q53: When an exchange economy achieves a competitive
Q54: In a general equilibrium model, an allocation
Q56: If a monopolist engages in ordinary price
Q57: In a two good economy the statement
Q58: Efficiency in general equilibrium requires that:
A)the allocation
Q59: Walras' law states that, if there is
Q60: The production possibilities frontier is concave to
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