In a perfectly competitive equilibrium with production and trade, which of the following results occur(s)?
A) Pareto-efficiency is obtained.
B) The First Welfare Theorem is satisfied.
C) There is efficiency in production.
D) All of the above.
D
Economics
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Use the data in the table above and suppose that labor is the only variable factor of production. When 122 dozen donuts are produced at Decent Donuts, the AVC curve
A) has a negative slope. B) has a positive slope. C) is at its minimum point. D) is at its maximum point.
Economics
If total consumption is $5 billion, investments $2 billion, government purchases $1 billion, exports $1 billion, and imports $3 billion, the GDP must equal:
A. $6 billion. B. $12 billion. C. $9 billion. D. $3 billion.
Economics