The statement: If everyone trades in the competitive marketplace, ...

[Jramos095]

The statement: If everyone trades in the competitive marketplace, all mutually beneficial trades will be completed, and the resulting equilibrium allocation of resources will be economically efficient. is formally known as:
 
  A) the law of supply and demand.
  B) the first theorem of supply and demand.
  C) the first theorem of welfare economics.
  D) the first theorem of efficiency in economics.

Question 2

Use the data in the table below to answer the following questions about a firm.
 
  Units of Units of Total Marginal Output
   Input X Input Y Product Product of X Price
 
   0 25 0 10
   1 25 2 10
   2 25 7 10
   3 25 14 10
   4 25 20 10
   5 25 23 10
   6 25 24 10
 
  a. Complete the table by calculating the marginal product of input X.
  b. Compute the marginal revenue produce of input X.
  c. If the price of input X were 30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.

[lkoler]

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[Harps johnston]

thank you