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Author Question: What is a household's choice set or opportunity set? What will be an ideal ... (Read 67 times)

Mr.Thesaxman

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on: Jun 29, 2018
What is a household's choice set or opportunity set?
 
  What will be an ideal response?

Question 2

If a natural monopoly is regulated using a marginal cost pricing rule, the firm makes zero economic profit. Is the previous statement correct or incorrect?
 
  What will be an ideal response?


sarajane1989

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A choice set is the set of options that is defined and limited by a budget constraint.

Answer to Question 2

The statement is incorrect. If a firm is regulated using a marginal cost pricing rule, the firm incurs an economic loss.


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