mor retake it. 1 pts The First Welfare Theorem states that a competitive equilibrium is always Pareto optimal. O True False . Previous1 pts When the first welfare theorem holds, () allocation reached by a competitive equilibrium is efficient but not necessarily fair. O allocation reached by a competitive equilibrium is fair but not necessarily efficient O allocation reached by a competitive equilibrium is efficient and fair, O allocation reached by a competitive equilibrium is neither efficient nor fair.The Earned Income Tax Credit (EITC) Of increases the quantity of labor supplied through a wage subsidy and substitution effect. increases the quantity of labor supplied through a positive income effect. O increases the quantity of labor supplied through an income transfer and substitution effect. O increates the quantity of labor supplied through a negative