When scarce goods are allocated according to some generally known criteria,
A) no one is discriminated against as long as the criteria are socially and legally accepted.
B) people will compete to satisfy the criteria.
C) rationing of scarce goods becomes unnecessary.
D) surpluses almost inevitably appear.
B
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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
The rule that states that the marginal revenue product equal to price does not hold when there are more than two inputs
a. True b. False Indicate whether the statement is true or false