If good 1 is essential for one person but not for the other, the first person will end up with all of good 1 in a competitive equilibrium within the Edgeworth Box.
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Q15: Comment on the following: "The problem with
Q16: If all goods are essential for everyone,
Q17: A "pure exchange economy" is one in
Q18: If the two goods in an Edgeworth
Q19: In and Edgeworth Box economy, no one
Q21: Suppose we live in an exchange economy
Q22: Consider an Edgeworth Box economy with two
Q23: Suppose we live in a 2-good Edgeworth
Q24: Suppose we live in an exchange economy
Q25: Comment on the following: "The second welfare
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