Author Question: Once a point on a contract curve has been chosen, A) it is possible to make both individuals ... (Read 71 times)

KWilfred · **on:** Jul 1, 2018

Once a point on a contract curve has been chosen,

A) it is possible to make both individuals better off.
B) it is possible to make one individual better off only at the expense of the other.
C) there is no change that would make both individuals worse off.
D) it is impossible for both individuals to have more of both goods.

Question 2

In general, does the demand for labor become more or less elastic as we increase the number of other variable inputs used in a production process?

A) More elastic
B) No change in elasticity
C) Less elastic
D) We cannot answer this question without more information about the other inputs