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Author Question: When two people trade their initial endowments to a point on the contract curve, only the level of ... (Read 63 times)

Chelseaamend

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on: Jul 1, 2018
When two people trade their initial endowments to a point on the contract curve, only the level of the endowments will determine the new allocation.
 
  Indicate whether the statement is true or false

Question 2

Suppose the short-run production function is q = 10  L. If the wage rate is 10 per unit of labor, then AFC equals
 
  A) 0.
  B) 1.
  C) 10/q.
  D) It cannot be determined from the information provided.
Microeconomics ¦ Perloff ¦ 8th Edition
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lorealeza

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Reply #1 on: Jul 1, 2018
Answer to Question 1

False. The respective bargaining abilities will also play a role in determining the final allocation.

Answer to Question 2

D


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