A General Competitive Equilibrium in Input Markets

question 68

Multiple Choice

A general competitive equilibrium in input markets:

• A)is attained at a point where the isoquants of the two goods intersect each other.
• B)involves an allocation of inputs such that the ratio of the input prices equals the ratio of the marginal revenue of the firms.
• C)is shown by an allocation of inputs that lies on the contract curve of an Edgeworth production box.
• D)is essentially related to an inefficient allocation of inputs between the production of any two commodities.

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