Chapter 16 General Equilibrium and Economic Efficiency Chapter Outline General Equilibrium Analysis Efficiency in Exchange Equity and Efficiency Efficiency in Production ·The Gains(得益)from Free Trade An Overview-The Efficiency of Competitive Markets ·Why Markets fail Chapter 16 General Equilibrium and Economic Efficiency Chapter Outline • General Equilibrium Analysis • Efficiency in Exchange • Equity and Efficiency • Efficiency in Production • The Gains (得益) from Free Trade • An Overview—The Efficiency of Competitive Markets • Why Markets fail