__________________ - Every pareto optimal point on the contract curve is a feasible equilibrium
Fill in the blank(s) with the appropriate word(s).
Answer: Second Theorem of Welfare Economics
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The saving of the government sector is called ________ saving.
A. private B. public C. aggregate D. national
The gains from consumer surplus and producer surplus occur when
A. the government supplies the good instead of firms. B. both consumers and producers engage in voluntary exchange. C. producers are willing to provide a good but consumers are not willing to pay for it. D. consumers are willing to buy a good but producers are not willing to provide it.
Which event was most important in promoting the belief that the U.S. government should work to ensure economy-wide stability?
A) World War II B) the Civil Rights Movement C) the California Gold Rush D) the Great Depression
Jacob has just tried on the most comfortable pair of pants that he has ever known. The pants are a(n)
A. experience good. B. credence good. C. logo good. D. information good.