If the assumptions of the first theorem of welfare economics apply and if the economy is in a competitive equilibrium, then any reallocation that benefits someone must harm someone else.
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Q1: Jack Spratt's utility function is U(F, L)=
Q2: In a pure exchange economy with two
Q3: Partial equilibrium analysis concerns only supply or
Q4: If demand varies continuously with price, then
Q6: If two people have identical homothetic preferences
Q7: If allocation x is a competitive equilibrium
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Q10: From Walras's law it follows that in
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