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Author Question: Gains from trade will be possible as long as A) levels of utility differ. B) utility functions ... (Read 54 times)

tnt_battle

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on: Jul 1, 2018
Gains from trade will be possible as long as
 
  A) levels of utility differ.
  B) utility functions differ.
  C) marginal rates of substitution differ.
  D) endowments differ.

Question 2

Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. Which of the following statements is TRUE at all levels of production?
 
  A) MC = AVC
  B) MC = AC
  C) MC > AFC
  D) All of the above.
Microeconomics ¦ Perloff ¦ 8th Edition
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strudel15

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

C

Answer to Question 2

A


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