A utility-maximizing consumer buys so as to make ________ for all pairs of goods.

For a firm in monopolistic competition, define efficient scale and excess capacity. Briefly explain each

What will be an ideal response?

Figure 17-12

If the country illustrated in is initially trading without restrictions at a world price of $1.00, the loss of consumer surplus as a result of a tariff of $0.50 per unit is represented by area
a.
a
b.
b + d
c.
c + i + e + f
d.
c
e.
d