A competitive equilibrium is Pareto efficient because at the competitive equilibrium,
A) prices have been allowed to adjust.
B) there are no further gains from trade.
C) the final outcome is different from the original inefficient endowment.
D) all members of society can be made better off.
Question 2
Which of the following will cause the average fixed cost curve of making cigarettes to shift?
A) a 5 million penalty charged to each cigarette maker
B) a 1 per pack tax on cigarettes
C) a 3 per hour wage increase
D) an increase in the demand for cigarettes
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