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Author Question: Jack is a prospective buyer of a commodity that Jill is offering to sell. Social surplus in this ... (Read 95 times)

Zoey63294

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on: Jun 29, 2018
Jack is a prospective buyer of a commodity that Jill is offering to sell. Social surplus in this scenario can be maximized:
 
  A) when only Jack is optimizing.
  B) when only Jill is optimizing.
  C) when both Jack and Jill are optimizing.
  D) when neither Jack nor Jill is optimizing.

Question 2

Refer to the above figure. Mario is self-sufficient and so is Mia. Each produces 6 dishes of pasta and 4 pizzas. Mario and Mia decide to specialize and trade.
 
  After they have specialized and traded, compared to the initial situation, Mia's opportunity cost of pasta has ________ and Mario's opportunity cost of a pizza has ________. A) decreased, decreased
  B) decreased, increased
  C) increased, increased
  D) increased, decreased


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Jody Vaughn

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

C

Answer to Question 2

C


Zoey63294

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

gcook

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Reply 3 on: Yesterday
Wow, this really help

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