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:

Social Isolation

The state of lacking social contacts and communication with others, often leading to feelings of loneliness.

Restorative Sleep

Sleep that is sufficiently long and deep, allowing the body and brain to rejuvenate and restore themselves.

Sexual Interest

The degree of attraction or desire an individual has towards engaging in sexual activities.

Ageism

Prejudice or discrimination on the grounds of a person's age, affecting younger and older people alike in various aspects of life.