Pareto optimality occurs when?

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  1. the distribution of income is equal.
  2. it is not possible to make some members of society better off without making at least one other member of society worse off
  3. firms are forced to internalize the effects of all externalities
  4. it is possible to make one person better off without making someone else worse off.

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All of the following questions are answered by general equilibrium analysis EXCEPT

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  1. Are equilibriums in different markets compatible with one another?
  2. Can all markets simultaneously be in equilibrium?
  3. How will a change in one market affect another market?
  4. What market outcome is most desirable for the whole society?

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The expected cost of an investment…

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  1. is zero if a firm uses its own funds
  2. equals the market rate of interest plus the normal rate of return on an investment
  3. depends on the market interest rate
  4. equals the market rate of interest plus the inflation rate

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Refer to the table below and answer the questions that follow.

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  1. Diminishing returns to labor start with the ________ worker
  2. Second
  3. Third
  4. Fourth
  5. Fifth

 

  1. Marginal revenue product of the ________ worker is $1,000
  2. Second
  3. Third
  4. Fourth
  5. Fifth

 

 

  1. If workers are paid $600 per day, then the firm is profit maximizing when it hires ________ workers.
  2. Two
  3. Three
  4. Four
  5. Five

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