The First Theorem of Welfare Economics states that:
A) only Walrasian equilibria can be Pareto optimal.
B) all Walrasian equilibria are Pareto optimal.
C) a Walrasian equilibrium price vector can always be found.
D) some Walrasian equilibria may be unfair.
Correct Answer:
Verified
Q1: Suppose two goods (x and y)are being
Q2: In volatile markets,"speculators" would be expected to
Q2: Consider a two-good production economy in which
Q4: Each of the following factors might interfere
Q6: The rate of product transformation (RPT)measures the
Q8: An efficient allocation of productive inputs requires
Q9: In a two-good world,every allocation would be
Q11: In order to assure allocative efficiency:
A)people's marginal
Q15: The slope of the production possibility frontier
Q18: The reason externalities distort the allocation of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents