Efficiency in General Equilibrium Requires That

question 17

Multiple Choice

Efficiency in general equilibrium requires that:

• A)the allocation of output between firms is Pareto- optimal.
• B)marginal rates of technical substitution are equal for all firms.
• C)marginal rates of transformation are equal for all output levels.
• D)all MRSs are identical.

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Definitions:

Assignment

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Arithmetic

The branch of mathematics dealing with numbers and operations such as addition, subtraction, multiplication, and division.

Escape

In computing, a method to signify that what follows takes an alternative interpretation or function, often used in strings to include special characters.

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