A competitive equilibrium is a state of affairs in which

Question $5$ options:

$1)$

markets clear, and output is maximized.

$2)$

output is maximized, and all agents are equally well$-$off.

$3)$

all agents are equally well$-$off and agents are price$-$takers.

$4)$

agents are price$-$takers, and markets clear.

$5)$

output and total factor productivity are maximized.