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12. What does the assumption that preferences are complete mean about the consumer's ability to rank any two baskets? 13. If indifference curves are bowed
12. What does the assumption that preferences are complete mean about the consumer's ability to rank any two baskets?
13. If indifference curves are bowed in toward the origin and the price of a good drops, can the substitution effect ever lead to less consumption of the good?
14. Why is the Cournot equilibrium price less than the monopoly price?
15. How does exchange efficiency differ from input efficiency?
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