Microeconomic. Theory. Andreu Mas-Colell Michael D. Whinston and. Jerry R. Green. New York Oxford F Free-Entry and Long-Run Competitive Equilibria 334.
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In microeconomic theory, the Marginal Rate of Technical Substitution (MRTS)—or Technical Rate of Substitution (TRS)—is the amount by which the quantity of one input has to be reduced ( − Δ x 2 {\displaystyle -\Delta x_{2}} ) when one extra… More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price. In game theory, folk theorems are a class of theorems about possible Nash equilibrium payoff profiles in repeated games (Friedman 1971). The original Folk Theorem concerned the payoffs of all the Nash equilibria of an infinitely repeated… In many contexts, events like earthquakes and major weather catastrophes pose aggregate risks that affect not only the distribution but also the total amount of resources. The corner solution which economic theory has chosen is consistency and for this reason the entrepreneur disappeared from microeconomic theory. (Barreto 1989: 115, 141)
Microeconomic theory / Andreu Mas-Colell, Michael D. Whinston, and Jerry R. Green. p. cm. to Noah, for his sweetness and joy at the book's completion;.