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.
competitive inhibition
Socrates thrived on the intellectual life of the agora (the marketplace), where he could be sure to ...
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