What are the four conditions that a competitive equilibrium must satisfy for a closed-economy model? (Select all that apply.)
The representative firm chooses labour demand to maximize profits.
The representative consumer partakes in equal trade tactics.
The representative consumer chooses consumption and labour supply to make themselves as well off as possible.
The market for labour clears.
The government budget constraint is satisfied.
The relationship between consumption and leisure is maximized.
The representative firm chooses labour quality to maximize profits
Get Answers For Free
Most questions answered within 1 hours.