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Author Question: A movement upward along an upward-sloping Engel curve corresponds to A) upward-sloping ... (Read 118 times)

clmills979

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on: Jul 1, 2018
A movement upward along an upward-sloping Engel curve corresponds to
 
  A) upward-sloping indifference curves.
  B) crossing indifference curves.
  C) a rotation in the budget constraint.
  D) a parallel shift in the budget constraint.

Question 2

A competitive equilibrium is not Pareto efficient if some members of society are unable to afford a necessary good.
 
  Indicate whether the statement is true or false


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juiceman1987

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

D

Answer to Question 2

False. The competitive equilibrium described is efficient since all consumers set MRS equal to the price ratio. The problem with the described equilibrium is one of distributive justice not efficiency.


clmills979

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Reply #2 on: Jul 1, 2018
Thank you :)


juiceman1987

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Reply #3 on: Jul 1, 2018
Happy to help you


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