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Pareto efficiency is extremely useful for economists; The First Welfare Theorem states that when producers and consumers both are price takers, the equilibrium allocation is always Pareto efficient. Hence, a competitive economy essentially will ?automatically' allocate resources efficiently as consumers can maximize their utilities...
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Pareto efficiency is extremely useful for economists; The First Welfare Theorem states that when producers and consumers both are price takers, the equilibrium allocation is always Pareto efficient. Hence, a competitive economy essentially will ?automatically' allocate resources efficiently as consumers can maximize their utilities...
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