Elucidate how consumers in an economy can be better

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Q. If there were many sellers of diamonds what would equilibrium price and quantity be? the diamond is $1000 each. the price is 6000 and the equilibrium is -5500 and why?

Q. Elucidate how consumers in an economy can be better ff if the marginal rate of transformation does not equal consumer's marginal rate of consumption

Reference no: EM1365361

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