Exchange Efficiency, Input Efficiency, and Substitution Efficiency Are Satisfied When

question 22

Multiple Choice

Exchange efficiency, input efficiency, and substitution efficiency are satisfied when ______________________. This result is known as ______________.

• A)free trade occurs; Walras Law.
• B)all markets are at a general competitive equilibrium; Walras Law.
• C)all markets are at a general competitive equilibrium; the First Fundamental Theorem of Welfare economics.
• D)resources are scarce; the First Fundamental Theorem of Welfare economics.

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Definitions:

Tension

The force applied on a material that stretches it apart, often leading to geological features such as rift valleys or the expansion of ocean basins at divergent boundaries.

Plunging Anticline

A geological fold, specifically an anticline, that slopes downward from the land surface, giving it a plunging appearance.

Asymmetric Anticline

A fold in sedimentary strata that is unequal in slope on both sides, often indicating a more complex deformation history.

Horizontal Syncline

A fold in sedimentary rock layers where the youngest materials are located at the center of the fold, typically indicating compression.