All mutually beneficial trades have taken place. This implies that

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If all mutually beneficial trades have taken place, it suggests that the society has achieved economic efficiency, meaning that it is producing goods and services at the lowest possible cost and in the quantities that best satisfy people's wants and needs. This implies that the society is operating on the production possibilities curve (PPC), and specifically at the point of allocative efficiency where the marginal benefit of the last unit produced and consumed is equal to its marginal cost. It does not necessarily mean that the PPC is bowed out or that the society is on the constant cost portion of the curve, as those depend on the specific shape and characteristics of the PPC.

All Mutually Beneficial Trades Have Taken Place