To allocate resources efficiently among consumers and producers.

To determine the equilibrium quantity of goods and services.

To ensure that supply and demand are equal in all markets.

All of the above.

In a perfectly competitive general equilibrium, the allocation of resources is Pareto efficient.

In a perfectly competitive general equilibrium, the allocation of resources is socially optimal.

In a perfectly competitive general equilibrium, the allocation of resources is both Pareto efficient and socially optimal.

None of the above.

A general equilibrium model with a finite number of goods and consumers.

A general equilibrium model with a continuum of goods and consumers.

A general equilibrium model with uncertainty.

A general equilibrium model with incomplete information.

A hypothetical agent who coordinates the exchange of goods and services in a general equilibrium model.

A real-world agent who conducts auctions for the sale of goods and services.

A mathematical tool used to solve general equilibrium models.

None of the above.

A dynamic general equilibrium model that analyzes the interaction between supply and demand over time.

A static general equilibrium model that analyzes the equilibrium prices and quantities of goods and services.

A mathematical tool used to solve general equilibrium models.

None of the above.

A situation where it is impossible to make one individual better off without making someone else worse off.

A situation where it is impossible to make one individual better off without making someone else worse off or indifferent.

A situation where it is impossible to make one individual better off without making someone else worse off or indifferent, and where everyone is indifferent.

None of the above.

A situation where the allocation of resources is Pareto efficient.

A situation where the allocation of resources is Pareto efficient and maximizes the sum of individual utilities.

A situation where the allocation of resources is Pareto efficient and maximizes the utility of the representative agent.

None of the above.

In a perfectly competitive general equilibrium, any Pareto efficient allocation of resources can be achieved through a redistribution of endowments.

In a perfectly competitive general equilibrium, any Pareto efficient allocation of resources can be achieved through a lump-sum transfer of income.

In a perfectly competitive general equilibrium, any Pareto efficient allocation of resources can be achieved through a combination of a redistribution of endowments and a lump-sum transfer of income.

None of the above.

A principle that states that any Pareto efficient allocation of resources can be achieved through a redistribution of endowments.

A principle that states that any Pareto efficient allocation of resources can be achieved through a lump-sum transfer of income.

A principle that states that any Pareto efficient allocation of resources can be achieved through a combination of a redistribution of endowments and a lump-sum transfer of income.

None of the above.

A graphical representation of the Pareto efficient allocations of resources in a two-good, two-consumer economy.

A graphical representation of the Pareto efficient allocations of resources in a two-good, many-consumer economy.

A graphical representation of the Pareto efficient allocations of resources in a many-good, two-consumer economy.

A graphical representation of the Pareto efficient allocations of resources in a many-good, many-consumer economy.

The set of all Pareto efficient allocations of resources in a two-good, two-consumer economy.

The set of all Pareto efficient allocations of resources in a two-good, many-consumer economy.

The set of all Pareto efficient allocations of resources in a many-good, two-consumer economy.

The set of all Pareto efficient allocations of resources in a many-good, many-consumer economy.

The set of all Pareto efficient allocations of resources that are also individually rational.

The set of all Pareto efficient allocations of resources that are also socially optimal.

The set of all Pareto efficient allocations of resources that are also both individually rational and socially optimal.

None of the above.

A theorem that states that it is impossible to design a social choice rule that satisfies certain desirable properties.

A theorem that states that it is impossible to achieve Pareto efficiency in a general equilibrium model.

A theorem that states that it is impossible to achieve social optimality in a general equilibrium model.

None of the above.

A social welfare function that is defined as the sum of individual utilities.

A social welfare function that is defined as the product of individual utilities.

A social welfare function that is defined as the maximum of individual utilities.

A social welfare function that is defined as the minimum of individual utilities.