The implication that all gains from trade are realized in a competitive equilibrium is implied by:
A) the law of large numbers.
B) Walras's law.
C) the first theorem of welfare economics.
D) the second theorem of welfare economics.
Correct Answer:
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Q57: In a two good economy the statement
Q58: Efficiency in general equilibrium requires that:
A)the allocation
Q59: Walras' law states that, if there is
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Q61: Efficiency in production requires that
A)MRTS is equal
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Q66: The endowment point in an Edgeworth box:
A)shows
Q67: Which of the following is not a
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