The First Welfare Theorem States That

The First Welfare Theorem states that:

A) perfectly competitive markets in general equilibrium distribute resources Pareto-efficiently.
B) all markets in general equilibrium-from perfectly competitive to monopoly-distribute resources Pareto-efficiently.
C) only monopoly markets in general equilibrium distribute resources Pareto-efficiently.
D) perfectly competitive markets in general equilibrium distribute resources Pareto-efficiently, even in the face of asymmetric information, externalities, and public goods.