Need good explanation and no plagiarism QUESTION 1In the two good specific factor model with diminishing returns to the factors the utility possibility frontier is a strictly decreasing and strictlyconcave function.O TrueFalseQUESTION 2A mobile factor is always some form of labour.TrueFalseQUESTION 3In the specific factor model in a market equilibrium the mobile factor's productivity must be the same for the production of all goods.TrueFalseQUESTION 4Introducing free international trade in the specific factor model expands the set of feasible allocations in the world economy.O TrueO False

The correct answer is given in the second step.

QUESTION 1 In the two good specific factor model with diminishing returns to the factors the utility possibility frontier is a strictly decreasing and strictly concave function. True False QUESTION 2 A mobile factor is always some form of labour. O True False QUESTION 3 In the specific factor model in a market equilibrium the mobile factor's productivity must be the same for the production of all goods. True False QUESTION 4 Introducing free international trade in the specific factor model expands the set of feasible allocations in the world economy. O True O False

QUESTION 1 In the two good specific factor model with diminishing returns to the factors the utility possibility frontier is a strictly decreasing and strictly concave function. True False QUESTION 2 A mobile factor is always some form of labour. O True False QUESTION 3 In the specific factor model in a market equilibrium the mobile factor's productivity must be the same for the production of all goods. True False QUESTION 4 Introducing free international trade in the specific factor model expands the set of feasible allocations in the world economy. O True O False

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.3P

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