The rate at which one good can be converted technologically into another is called
A) the marginal rate of transformation.
B) the marginal rate of substitution.
C) the marginal product of labor.
D) the rate of conversion.
Correct Answer:
Verified
Q20: In the one-period competitive model we have
Q21: An externality is any activity for which
Q22: The PPF determines
A) all possible outcomes for
Q23: PPF is the
A) price parity formula.
B) possible
Q24: A competitive equilibrium is Pareto optimal if
Q26: The concept of Pareto optimality is a
A)
Q27: The second fundamental theorem of welfare economics
Q28: A competitive equilibrium has all of the
Q29: The presence of a distorting tax on
Q30: A Pareto optimum is a point that
A)
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