ECO 304K Study Guide - Quiz Guide: Pareto Efficiency, Economic Surplus, Perfect Competition

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2 Oct 2018
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ECO 304K Full Course Notes
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Hamermesh: suppose that society consists of mike, mary, and andy. Mike has , mary has , and andy has sh. Consider taking from mike, giving to mary and to andy. a. The original situation is not pareto optimal because it is not equitable. b. Price increases, number of firms decreases because firms get bigger due to increasing costs. b. Increase long-run economic profits for the typical firm. b. Reduce short-run economic profits. c. raise prices paid by consumers because this innovation will increase monopoly power. d. reduce prices paid by consumers. e. reduce long-run economic profits for the typical firm.

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