Mathematical Economics

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Multiple Choice

What is the fundamental theorem of welfare economics?

  1. An allocation is Pareto efficient if and only if it is competitive.
  2. An allocation is Pareto efficient if and only if it is utility-maximizing.
  3. An allocation is Pareto efficient if and only if it is profit-maximizing.
  4. An allocation is Pareto efficient if and only if it is socially optimal.
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