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True/False and explain why. A socially desirable Pareto Efficiency allocation cannot be attained in a competitive...

True/False and explain why. A socially desirable Pareto Efficiency allocation cannot be attained in a competitive market.

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Answer #1

Answer: false statement.

Pareto efficiency is achieved under the perfectly competitive market provided there is no externalities. Externalities might make system inefficient.

P=MC is the Pareto competitive market condition.

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