At the equilibrium price
a. only sellers who value the product more than the equilibrium price would be willing to sell
b. only buyers who value the product less than the equilibrium price would be willing to buy
c. only buyers who value the product more than the equilibrium price would be willing to buy
d. None of the parties would be willing to trade
c
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Suppose a manager of a company is told by his staff that marginal productivity has risen above the average productivity over the last six months of operation
What can this manager conclude is happening to the overall average productivity of the company? Explain.
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. Which of the following would be mutually beneficial terms of trade between Karl and Adam?
a. 1 ton of apples per 2 1/2 tons of oranges b. 1 ton of apples per 1 1/2 tons of oranges c. 1 ton of apples per 1/4 ton of oranges d. 1 ton of apples per 1/5 ton of oranges