Foreıgn Trade Deneme Sınavı Sorusu #1379990
How is the concept of " general equilibrium of an economy " determined?
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It is determined by the intersection of the production possibilities frontier, the autarky relative price line, and the indifferent curve. |
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The price of one commodity is expressed in terms of the price of the other commodity. |
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It displays the autarky equilibrium in our hypothetical countries, Sunland and Lakeland. |
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The autarky equilibrium is determined at point A for Sunland where the production possibilities frontier, |
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It is impossible for both Sunland and Lakeland to reach to this further level of utility. |
General equilibrium of an economy is determined by the intersection of the production possibilities frontier, the autarky relative price line, and the indifferent curve. The correct answer is " A ".
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