If two bundles of goods give a consumer the same satisfaction, the consumer must be
a. on her budget constraint.
b. in a position of equilibrium.
c. indifferent between the bundles.
d. Both a and c are correct.
c
Economics
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Which of the following is not an example of market failure?
a. Extreme income inequality b. Efficient equilibrium c. Lack of competition d. Externalities
Economics
Refer to the table below for a certain product's market in Econland. If Econland were entirely closed to international trade, the equilibrium price and quantity would be:
A. $9 and 2,000 units
B. $8 and 1,800 units
C. $7 and 2,000 units
D. $6 and 1,400 units
Economics