What is the rule for efficient output selection and how does the competitive market achieve it?
The rule is MC = MU. In competition, MC = P. Consumer decision making brings about P = MU. Since P for a particular good is the same for both buyers and sellers, MC = P = MU. So the competitive market achieves MC = MU.
Economics
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Value-creating contracts require underlying laws that:
a. clearly define the rights and obligations of the parties. b. discriminate between the rights of the different income groups. c. describe the final distribution of rights among the transacting parties. d. create equal distribution of wealth.
Economics
The ____ is the government agency with the task of developing and enforcing policies that are aimed at protecting the environment
a. FDA b. DOI c. FEMA d. EPA
Economics