The Second Fundamental Theorem of Welfare Economics Requires

question 24

Multiple Choice

The Second Fundamental Theorem of Welfare Economics requires

• A)that indifference curves be convex to the origin.
• B)that isoquants be concave to the origin.
• C)that there are no set prices for Pareto efficient allocations.
• D)that production be twice as large as consumption.
• E)all of the above.

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Definitions:

Binary Coded

A method of representing numbers, letters, or commands using binary digits, typically for computing or digital communications.

Equivalent

Equivalent refers to being equal in value, function, or meaning, often used in mathematics, science, and engineering to describe interchangeable elements or units.

Reference Voltage (V-Ref)

ECU or ECM conditioned voltage (usually 5 volts DC) supplied to various sensors (such as thermistors, potentiometers) in vehicle electronic circuits. In most cases, a portion of the voltage is returned to indicate the status of the sensor.

Truck Chassis

The base frame of a truck onto which other components like the engine, axles, and cab are mounted.