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Use the Following to Answer Questions 23-24

Question 29

Multiple Choice

Use the following to answer questions 23-24:
Figure 15.1 Use the following to answer questions 23-24: Figure 15.1 -(Figure 15.1) The market prices for cereal and pancakes are $2 and $1, respectively. Pareto efficiency requires that the marginal rate of substitution of cereal for pancakes equal _____ for Elaine and _____ for Jerry. A) 2; 1/2 B) 1/2; 2 C) 2; 2 D) 2; 1
-(Figure 15.1) The market prices for cereal and pancakes are $2 and $1, respectively. Pareto efficiency requires that the marginal rate of substitution of cereal for pancakes equal _____ for Elaine and _____ for Jerry.


A) 2; 1/2
B) 1/2; 2
C) 2; 2
D) 2; 1

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