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Question: 27 the walras law states that a in equilibrium marginal...

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27. The Walras Law states that a) in equilibrium marginal substitution effects are identical for all consumers b) each Pareto-efficient point may be achieved as an equilibrium c) each equilibrium is Pareto-efficient (D only in equilibrium the value of aggregate excess demand is equal to 0 e) None of the remaining answers is correct, 28. The owner of a high quality car asks at least 2000 zloty for it, while an owner of a low quality car 1000 zloty. The buyers would be willing to pay 1700 for a low quality car and 2200 zloty for a high quality one. There are many more potential buyers than sellers. Cars are distinguishable only for the sellers. Let us denote the share of high quality cars in the population by x (the share of low quality ones is 1-X). The average price observed in the market will be: a) some number from the interval [1000, 1700] b) 1000 when x<60%, 2000 when x-60%, and not known for x-60% c) 1700 when x<60%, 2000 when X>60%, and not known for x-6090 d some number independent of x e) None of the remaining answers is correct.

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