Maximum social welfare and economic efficiency are guaranteed in general equilibrium when a competitive firm satisfies which of the following conditions? (where MRPTxy is the marginal rate of product transformation of x for y)

Question

Economics · General Equilibrium and Efficiency

Verified Solution4 OptionsUpdated: October 2026👁️1 View

Share:

Correct answer

MRPTxy = pxpy = MCxMCy

Save this question and verified answer as a clean study sheet with live clickable link.

👥

Challenge your peer aspirants on WhatsApp or Telegram to solve this question!

Online Test Series

Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.

Chapter Practice

Want more practice questions on General Equilibrium and Efficiency?

Solve complete topic-wise tests with detailed solutions on GkGet.

Recommended practice questions in Economics · General Equilibrium and Efficiency

The Dandi March, also known as the Salt Satyagraha, was led by which influential leader?

Which act formally granted independence to India, marking the end of British rule?

Who was the key figure in establishing the Indian National Congress?

Answer 1

MRPTxy = pxpy = MCxMCy

Answer 2

MRPTxy = pxpy = Total Cost of xTotal Cost of y

Answer 3

MRPTxy = pxpy = Average Variable Cost of xAverage Variable Cost of y

Answer 4

MRPTxy = pxpy = Total Variable Cost of xTotal Variable Cost of y

Related Practice Questions