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corie corie
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6 years ago
Suppose an economy produces milk and honey, and milk is plotted along the horizontal axis of the production possibilities frontier.  If the production in the economy is centrally planned (and not market oriented) so that the MRS for the current production level is 3 but the MRT is 2, then there will be an excess ________ for milk and an excess ________ for honey.
A) demand, supply
B) demand, demand
C) supply, demand
D) supply, supply
E) The market is in equilibrium, and there are no imbalances in supply or demand.
Textbook 
Microeconomics

Microeconomics


Edition: 8th
Author:
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CanihCanih
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6 years ago
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4 years ago
This helped my grade so much
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