The Fact That at the Competitive Equilibrium Nobody Can Be

question 87

Multiple Choice

The fact that at the competitive equilibrium nobody can be made better off without making someone else worse off implies that

• A)the equilibrium is pareto efficient.
• B)the equilibrium is not pareto efficient.
• C)the prices need to adjust further.
• D)further gains from trade are possible.

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Definitions:

Defense Expenditures

Financial spending dedicated to a nation's armed forces or defense activities, usually involving funding for military equipment, personnel, operations, and maintenance.

International Court

A court formed by nations to adjudicate disputes that arise between nations, concerning matters of international law.

Conciliation

A method of conflict resolution where an impartial third party helps disputing parties reach a mutually acceptable agreement.

Third-Party Mediation

A conflict resolution process involving a neutral third party who helps disputing parties find a mutually acceptable solution.