An ethical or value judgement must be made in order to derive the
A) Transformation curve
B) Grand utility possibly curve
C) Consumption contract curve
D) Social welfare function
Correct Answer:
Verified
Q12: If MRP = Price of the factor:
Q13: If MRP < P of the factor,
Q14: The labor market equilibrium determines the wage
Q15: Union leaders are in a worse position
Q16: The concept of social optimum was introduced
Q18: According to Kaldor-Hicks compensation criteria, the proposed
Q19: The concept of Social Welfare function was
Q20: The first condition of which economist states
Q21: Compensation criterion principle is associated with the
Q22: Who proclaimed the 'doctrine of invisible hand'?
A)Adam
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