In a general equilibrium setting the supply curves

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15.In a general equilibrium setting, the supply curves for final goodsand services are determined byb.a)profit maximization by firms.c.b)cost minimization by firms.d.c)profit maximization by consumers.e.d)utility maximization by consumers.Ans: A
Difficulty: EasyHeading: General Equilibrium Analysis: Many MarketsLO 2 Explain how one can use general equilibrium analysis to explore the total impact of government interventions with policies like an excise tax.
a.16.In a general equilibrium setting, the demand curves for production inputs are determined by
Difficulty: EasyHeading: General Equilibrium Analysis: Many MarketsLO 3 Explain why Walras' law tells us that prices of goods and services are related to each other in a consistent way.a.17.Your textbook discussed a model of a simple economy with four markets: labor, capital, energy, and food. Which of the following statements is inconsistent with a general equilibrium for this simple economy?
Difficulty: EasyHeading: General Equilibrium Theory: Many MarketsLO 2 Explain how one can use general equilibrium analysis to explore the total impact of government interventions with policies like an excise tax.a.18.Walras’ Law tells us that,
Difficulty: EasyHeading: General Equilibrium Analysis: Many MarketsLO 3 Explain why Walras' law tells us that prices of goods and services are related to each other in a consistent way.a.19.According to Walras’ Law, in a general competitive equilibrium with a total of ____ markets, if supply equals demand in the first _____ markets, then supply will equal demand in the _____ market as well.b.a)three; two; firstc.b)three; three; thirdd.c)three; two; thirde.d)three; three; firstAns: C
Difficulty: EasyHeading: General Equilibrium Theory: Many MarketsLO 3 Explain why Walras' law tells us that prices of goods and services are related to each other in a consistent way.a.

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