Economics · Economy

In welfare economics, consider the following propositions regarding resource allocation: I. A state of allocation is said to be efficient if no feasible reallocation of resources can increase the welfare of one individual without reducing the welfare of at least one other individual. II. A Pareto-efficient outcome necessarily implies equitable distribution of income across individuals. III. Under conditions of perfect competition and absence of externalities, a competitive equilibrium is Pareto-efficient. IV. A Pareto improvement requires that at least one individual be made better off and no individual be made worse off. How many of the above statements are correct?