Question: According to the general equilibrium model, an economically efficient allocation of resources occurs when All answers choices are correct The producer's MRT= the consumer's MRS

According to the general equilibrium model, an economically efficient allocation of resources occurs when

  1. All answers choices are correct
  2. The producer's MRT= the consumer's MRS
  3. All consumers have the same MRS
  4. No welfare-improving trades can be made

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