4 Which of the following is true regarding equity and efficiency incompetitive markets?a. Competitive markets ensure equity and efficiencyb. There is often a trade-off between equiry and efficiency.c. Competitive markets lead to neither equity nor efficiency.d. There is generally agreement about the level of equity andefficiency in a market.e. None of the above.Assume there are two goods, good X and good Y. Good X costs$5 and good Ycosts $10. If your income is $200, which of thefollowing combinations of good X and good Y is on yourbudget line?a. O units of good X and 18 units of good Yb. 0 units of good X and 20 units of good Yc. 20 units of good X and 0 units of good Yd. 10 units of good X and 12 units of good Ye. all of the aboveThe optimal consumption rule states that total utility ismaximized when all income is spent anda. MU/P is equal for all goods.b. MU is equal for all goods.c. P/MU is equal for all goods.d. MU is as high as possible for all goods.e. The amount spent on each good is equal.Which of the following is considered when calculatingeconomic profit but not accounting profit?a. implicit costb. explicit costc. total revenued. marginal coste. All of the above are considered when calculating accountingprofit.

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mpetitive markets ere is often a trade-off between equity and efficiency. mpetitive markets lead to neither equity nor efficienc ere is generally agreement about the level of equity ar ciency in a market. ne of the above. he there are two goods, good X and good Y. Good X co good Y costs $10. If your income is $200, which of th ing combinations of good X and good Y' is on your line? nits of good X and 18 units of good Y mits of good X and 20 units of good Y units of good X and 0 units of good Y units of good X and 12 units of good Y of the above timal consumption rule states that total utility is Lized when all income is spent and /P is equal for all goods. is equal for all goods. U is equal for all goods.

mpetitive markets ere is often a trade-off between equity and efficiency. mpetitive markets lead to neither equity nor efficienc ere is generally agreement about the level of equity ar ciency in a market. ne of the above. he there are two goods, good X and good Y. Good X co good Y costs $10. If your income is $200, which of th ing combinations of good X and good Y' is on your line? nits of good X and 18 units of good Y mits of good X and 20 units of good Y units of good X and 0 units of good Y units of good X and 12 units of good Y of the above timal consumption rule states that total utility is Lized when all income is spent and /P is equal for all goods. is equal for all goods. U is equal for all goods.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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