To Be Efficient, a Competitive Equilibrium Must Satisfy Output Efficiency

question 54

True/False

To be efficient, a competitive equilibrium must satisfy output efficiency.

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Definitions:

US Forest Service

A federal agency that manages public lands in national forests and grasslands with the goal of sustaining the health, diversity, and productivity of the nation’s forests and grasslands for present and future generations.

National Park System

A collection of protected areas operated by a country's government, aimed at preserving natural, historic, and cultural values for public enjoyment and education.

US Congress

The bicameral legislature of the federal government of the United States, consisting of two houses: the Senate and the House of Representatives.

Early Colonists

The first European settlers in what is now the United States, arriving in the 16th and 17th centuries.