Gains from Trade Will Be Possible as Long as

question 59

Multiple Choice

Gains from trade will be possible as long as

• A) people have different endowments.
• B) people place different values on some goods.
• C) marginal rates of substitution are equal across individuals.
• D) excess supply equals excess demand.

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Definitions:

Involuntarily Hospitalized

Refers to the process whereby individuals are admitted to a mental health facility without their consent, usually because they are deemed a threat to themselves or others.

Serious Bodily Harm

Significant physical injury that creates a substantial risk of death or causes serious, permanent disfigurement, or loss or impairment of the function of a body part.

Involuntary Commitment

The legal process through which individuals with severe mental illness are hospitalized or treated against their will, usually when they are deemed a danger to themselves or others.

Court-appointed Counsel

Lawyers provided by the state or court for individuals who cannot afford to hire their own attorney.