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Author Question: For an individual consumer, a corner solution may be optimal such that MRS and MRT are not equal, ... (Read 38 times)

faduma

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  • Posts: 528
on: Jul 1, 2018
For an individual consumer, a corner solution may be optimal such that MRS and MRT are not equal,
 
  A) but this is not possible in an Edgeworth Box due to the transitivity of preferences.
  B) but this is not possible in an Edgeworth Box because price ratios must be positive.
  C) and this may also occur in an Edgeworth Box.
  D) and this may only occur in an Edgeworth Box under the perfect complements case.

Question 2

Which of the following is NOT true about the supply of labor to the firm in a competitive labor market?
 
  A) It is horizontal.
  B) It is perfectly elastic.
  C) It is equal to the marginal expenditure curve.
  D) It is upward sloping.


joshbk44

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

C

Answer to Question 2

D


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