6. The market for electric drills in a certain country is characterized by a large number of...

Question:

6. The market for electric drills in a certain country is characterized by a large number of buyers and sellers, and every buyer who wants a drill and can afford one has bought one. In other words, the market for drills is in equilibrium.

a. Does this also mean that the market is Pareto efficient? Explain your answer.

b. If some of the buyers in this market are now willing to pay more than they did earlier, would your answer change?

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