Which of the followingstatement(s) about a competitive equilibrium iscorrect?

A.

A competitive equilibrium achieves consumption efficiency.

B.

A competitive equilibrium achieves an efficient product mix.

C.

A competitive equilibrium is Pareto efficient.

D.

All of the above.

There are two consumers in themarket, Jack and Jane. Each have some coffee and candies(coffee on the horizontalaxis). Jack's MRS of candies for coffee is 3.Jane's MRS of candies for coffee is 3. Which one of the following statements is incorrect?

A.

This can be a competitive equilibrium.

B.

We can reallocate goods so as to make one person better off without harming another.

C.

This allocation is Pareto efficient.

D.

This allocation is on the contract curve.