The Main Point of the Second Theorem of Welfare Economics

question 89

Multiple Choice

The main point of the second theorem of welfare economics is that:

• A) efficiency is more important than equity.
• B) efficiency may be achieved, but equity is not a feasible goal.
• C) any attempt to achieve an equitable outcome must occur off the contract curve.
• D) any equitable outcome can be achieved by reallocating the resources among the members of a society.

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Definitions:

Tangible Property

Physical items or assets that can be touched and seen, such as buildings, machinery, vehicles, and furniture, as opposed to intangible assets like patents or copyrights.

E-text

Digital text format, such as ebooks or PDF documents, that can be read on computers, e-readers, or other electronic devices.

Backlit Monitors

Display screens that use a light source from behind the panel to illuminate the screen, improving visibility in various lighting conditions.

Local Book Store

A retail establishment that primarily sells books, often offering a selection that may include both new and used books, and may also host community events.