Which of the following is not equal to the others in equilibrium?
A) the real wage
B) the marginal rate of substitution between leisure and consumption
C) the marginal product of labor
D) the price of consumption
D
Economics
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To achieve allocative efficiency, an economy
A) must produce on its PPF. B) does not necessarily need to be production efficient. C) must have increases in technology. D) might leave some resources unemployed. E) can produce either on or within its PPF.
Economics
Jayanthi moves her yoga studio from her home to a space she rents in Oakland, California. Holding everything else constant, as a result of this move
A) her implicit cost falls and her explicit cost rises. B) her opportunity cost rises. C) her economic cost rises. D) her explicit cost falls and her implicit cost rises.
Economics