An outline of microeconomic theories includes discussions of supply and demand, consumer choice, monopolistic competition, profit maximization, and welfare economics[See Section 18-5. ] 16. Explain why the MRT equals the MRS in a model of perfect competition. [See Section 18-6.] Answers: 1. General equilibrium 2. (a) 3. ( c) 4. (a) Total spending on goods and services by the household sector must equalanbsp;...
|Author||:||E. David Emery|
|Publisher||:||Harcourt College Pub - 1984-08|