A competitive equilibrium is a state of affairs in which
A) markets clear, and output is maximized.
B) output is maximized, and all agents are equally well-off.
C) all agents are equally well-off and agents are price-takers.
D) agents are price-takers, and markets clear.
E) output and total factor productivity are maximized.
Correct Answer:
Verified
Q2: An example of a public good is
A)
Q3: In the production function,output is given by
A)
Q4: An economy that engages in international trade
Q5: In the one-period competitive model we have
Q6: Points on the production possibilities frontier have
Q8: In a one-period model,government is likely to
Q9: An economy that has no interaction with
Q10: In an economic model,an exogenous variable is
A)
Q11: A relationship that shows the technological possibilities
Q12: Making use of an economic model is
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