Microeconomics

At a perfectly competitive equilibrium with production and trade, the

At a perfectly competitive equilibrium with production and trade, the slope of the production possibility curve will be A) equal to the slope of the price line faced by the consumers. B) steeper than the slope of the price line faced by consumers. C) flatter than the slope of the price line faced by consumers. […]

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Date: September 9th, 2020

If an isocost line crosses the isoquant twice, a cost minimizing firm

If an isocost line crosses the isoquant twice, a cost minimizing firm will A) use a different isocost line to select the bundle of inputs. B) use the input bundle associated with the intersection on the higher point of the isoquant. C) use the input bundle associated with the intersection on the lower point of […]

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Date: September 9th, 2020