Firms, markets, and price
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- Understanding Economic Coordination
Which of the following is not a social complementary social institution?
- Human Rights
- Opportunity cost is a _________________.
- Money Price
- Relative Price
- Revenue Price
- Best Alternative Price
- In a competitive market, can seller set a specific money price of a good, and ensure buyers will buy the good? Why or why not?
- Understanding Money Price and Relative Price
Bella owns a cow farm to produce large quantities of milk. Last week, she placed an advertisement for her willingness to exchange milk for a variety of items. Here is what she is willing to exchange:
1 litre of milk for 1 bag of rice.
2 litres of milk for 1 bag of chips.
4 litres of milk for 1 box of mac and cheese.
8 litres of milk for 1 pound of chicken.
- What is the relative price of chips in terms of chicken?
- If the money price of chips was $3 a bag, then what do you think the price of mac and cheese is?
- If the money price of rice is 10 cents a bag, and the price of a chicken is $1, do you think anyone will accept Bella's offer of milk for chicken?