The Fundamental Theorem of Welfare Economics

The Fundamental Theorem of Welfare Economics:

A) Shows that the allocation of resources generated by a complete system of perfectly competitive markets results in all consumers attaining the same utility level.
B) Refers to the biblical observation that "the poor ye shall always have with you."
C) Implies that no intervention in the workings of markets can be justified on efficiency grounds.
D) Holds that the allocation of resources generated by a complete system of perfectly competitive markets is Pareto efficient.