The statement: “If everyone trades in the competitive marketplace, all
The statement: “If everyone trades in the competitive marketplace, all mutually beneficial trades will be completed, and the resulting equilibrium allocation of resources will be economically efficient.” is formally known as:
A) the law of supply and demand.
B) the first theorem of supply and demand.
C) the first theorem of welfare economics.
D) the first theorem of efficiency in economics.
ANSWER
C
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