A Competitive Equilibrium Is Not Pareto Efficient If Some Members

question 39

True/False

A competitive equilibrium is not Pareto efficient if some members of society are unable to afford a necessary good.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a given market.

Contract Cancellation

The legal termination of a contract's obligations by one or more of its parties.

Sales Contracts

Agreements between two parties where the seller agrees to deliver a product or service to a buyer for a specified price.

Remedies

The means by which a right is enforced or the violation of a right is compensated or prevented, often through legal action.