A competitive equilibrium is not Pareto efficient if some members of society are unable to afford a necessary good
Indicate whether the statement is true or false
False. The competitive equilibrium described is efficient since all consumers set MRS equal to the price ratio. The problem with the described equilibrium is one of distributive justice not efficiency.
Economics
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The highest annual inflation rate experienced in the United States during the past 50 years has been around
a. 3 percent b. 9 percent c. 14 percent d. 27 percent e. 1,000 percent
Economics
A price discriminating monopolist will
A) charge a lower price to those consumers who have more elastic demand. B) charge a higher price for a good with more market demand. C) charge more to those consumers who have more substitute goods. D) charge the same price to all consumers.
Economics