The First Theorem of Welfare Economics Can Be Expressed as

question 78

Multiple Choice

The First Theorem of Welfare Economics can be expressed as

• A) the competitive equilibrium results only when no transactions costs exist.
• B) the competitive equilibrium does not involve reallocation of endowments.
• C) any efficient allocations can be achieved by competition.
• D) the competitive equilibrium is efficient.

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Definitions:

Emotional Loyalty

A customer's emotional attachment to a brand, going beyond rational and transactional elements.

Monogamy

A mating pattern in which one male and one female form an enduring reproductive partnership.

Reproductive Partnership

A relationship between individuals focusing on the mutual goal of producing offspring, often involving various forms of cooperation in raising the young.

One Male And One Female

A phrase typically used to denote the presence or requirement of two individuals of opposite sex, often in biological or social contexts.