Economics · Welfare Economics
Which one of the following statements about Pareto optimality conditions is incorrect?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Consumers are required to have cardinal utility functions.✓
- 2Perfect competition prevails in both factor and commodity markets.
- 3All factors are fully utilized in the production of commodities.
- 4Consumers maximize their satisfaction.
Correct answer
Consumers are required to have cardinal utility functions.
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