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Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no ...

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Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no ...

Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 40 units of clothing but no food. Suppose each has the utility function U = F1/2C1/2. If the price of clothing is always $1, and the food price is currently $3, then we can conclude
A) the market is at a competitive equilibrium.
B) the price of food will drop towards a competitive equilibrium.
C) the price of food will increase towards a competitive equilibrium.
D) None of the above.

Textbook

Microeconomics: Theory and Applications with Calculus

Edition: 4^th

Author: Perloff

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