According to the first fundamental theorem of welfare economics, a competitive general equilibrium is Pareto optimal when,
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1 mark, −0.33MicroeconomicsWelfare economics and social choiceThe fundamental theorems of welfare economicsModerateabout 1 min
UoH 2011 Question 14: Welfare economics and social choice
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Welfare economics and social choice has come up 62 times in 6 exams since 2004.
What this question tests
This question is on The fundamental theorems of welfare economics, part of Welfare economics and social choice in Microeconomics.
When competitive markets deliver efficient outcomes and how transfers can reach any efficient outcome.
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