Your textbook discussed a model of a simple economy with four markets: labor, capital, energy, and food. Which of the following statements is inconsistent with a general equilibrium for this simple economy?
A) The household demand for energy equals the industry supply of energy.
B) The household demand for food equals the industry supply of food.
C) The household demand for labor equals the industry supply of labor.
D) The household supply of capital equals the industry demand for capital.
Correct Answer:
Verified
Q1: Suppose chicken breasts and pork steaks are
Q2: Let the demand and supply for
Q4: The prices of complementary goods tend to
Q5: Let the demand and supply for
Q6: In a general equilibrium setting, the demand
Q7: Suppose that black tea and green tea
Q8: Partial equilibrium analysis differs from general equilibrium
Q9: Walras' Law states that general equilibrium determines
Q10: Walras' Law tells us that,:
A)supply will always
Q11: The general equilibrium effects of an excise
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents