If Allocation X Is a Competitive Equilibrium at Prices P

question 5

True/False

If allocation x is a competitive equilibrium at prices p and if everybody likes his bundle in allocation y better than his bundle in allocation x, then the total value of allocation y at prices p exceeds the total value of allocation x at prices p.

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Definitions:

Governor Cut-out

A device or system that limits the maximum speed of an engine or machine by cutting out fuel supply or otherwise preventing acceleration beyond a preset limit.

Unloader Circuit

a hydraulic or pneumatic circuit designed to relieve pressure or unload fluid from one area of the system to another, often for safety or efficiency.

Oxy-acetylene Torch

A tool that mixes oxygen and acetylene gas to produce a very hot flame, used for welding and cutting metals.

Main Spring

The primary spring in a mechanical system, providing the chief source of motion or force.