Explain how the conditions of utility maximization, cost minimization, and profit maximization in competitive markets imply that

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Explain how the conditions of utility maximization, cost minimization, and profit maximization in competitive markets imply that the allocation arising in a general competitive equilibrium is economically efficient.

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Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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Question Posted: Mar 17, 2016 05:08 AM

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Explain how the conditions of utility maximization, cost minimization, and profit maximization in competitive markets imply that

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In a general competitive equilibrium the economy will satisfy exchang...View the full answer

Microeconomics

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