A competitive equilibrium is a state of affairs in which
A) markets clear, and output is maximized.
B) agents are price-takers, and markets clear.
C) all agents are equally well-off and agents are price-takers.
D) output and total factor productivity are maximized.
E) output is maximized, and all agents are equally well-off.
Correct Answer:
Verified
Q51: The rate at which one good can
Q52: Changes in government spending are NOT likely
Q53: An example of a public good is
A)transfer
Q54: Immunization from communicable diseases generate
A)the provision of
Q55: An increase in total factor productivity
A)increases consumption,
Q57: In the one-period competitive model we have
Q58: The presence of a distorting tax on
Q59: Relative to the social optimum, monopoly power
Q60: An increase in government spending
A)reduces consumption, increases
Q61: No questions were provided for this section.
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