How Does a Competitive Exchange Differ from a Two-Person Model

question 63

Multiple Choice

How does a competitive exchange differ from a two-person model of exchange?

• A)The Pareto criterion is satisfied only in a competitive exchange and not in a two-person exchange.
• B)In two-person exchanges,the exact outcome of bargaining cannot be predicted unlike with a competitive exchange.
• C)The outcomes of two-person exchanges tend to be more equitable than competitive exchanges.
• D)In two-person exchanges consumers are price-takers while competitive exchange involves price-makers.

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