Any _________________ Allocation of Goods and Inputs Can Be Attained

question 25

Multiple Choice

Any _________________ allocation of goods and inputs can be attained as a general competitive equilibrium through a judicious ___________ of the economy's___________________. This result is known as_____________

• A)arbitrary, allocation, resources; Walras Law.
• B)equitable, allocation, goods; The First Fundamental Theorem of Welfare Economics
• C)efficient, allocation, scarce supplies of resources; the First Fundamental Theorem of Welfare economics.
• D)efficient, allocation, scarce supplies of resources; the Second Fundamental Theorem of Welfare economics.

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Definitions:

Price Per Ton

A measure of how much a good costs per ton; commonly used in material and commodity markets.

Equilibrium Price

The equilibrium price where the number of items provided matches the number of items required.

Equilibrium Quantity

The quantity of goods or services supplied equals the quantity demanded at the market equilibrium price.

Domestic Demand Curve

A graphical representation showing the quantity of a product that consumers in a domestic market are willing to purchase at various prices.