6. If all the assumptions of perfect competition hold, the result is an efficient, or Pareto optimal,
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6. If all the assumptions of perfect competition hold, the result is an efficient, or Pareto optimal, allocation of resources. To prove this statement, it is necessary to show that resources are allocated efficiently among firms, that final products are distributed efficiently among households, and that the system produces what people wan
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Principles Of Microeconomics
ISBN: 9780691150093
13th Global Edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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