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Q. |
The Fundamental Theorem of Welfare Economics: |
A. | Shows that the allocation of resources generated by a complete system of perfectly competitive markets results in all consumers attaining the same utility level. |
B. | Refers to the biblical observation that "the poor ye shall always have with you." |
C. | Implies that no intervention in the workings of markets can be justified on efficiency grounds. |
D. | Holds that the allocation of resources generated by a complete system of perfectly competitive markets is Pareto efficient. |
Answer» D. Holds that the allocation of resources generated by a complete system of perfectly competitive markets is Pareto efficient. |
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