Consider a Society Consisting of Just a Farmer and a Tailor.The

question 46

Multiple Choice

Consider a society consisting of just a farmer and a tailor.The farmer has 10 units of food but no clothing.The tailor has 40 units of clothing but no food.Suppose each has the utility function U = F ∗ C.The price of clothing is always $1.What is the competitive equilibrium price for food?

• A)$5
• B)$4
• C)$3
• D)$2

---

Definitions:

Real Estate Agent

A licensed professional who represents buyers or sellers in real estate transactions.

History Degree

An academic qualification awarded for the study of historical events, societies, and their contexts.

Experienced

Possessing knowledge or skill in a specific area or field acquired through direct involvement or exposure.

Conflicts Of Interest

Situations in which a person's personal interests could compromise their judgment, decisions, or actions in a professional or official capacity.