Exchange Economies (revisited) No production, only endowments,so no description of how resources are converted to consumables. General equilibrium: all markets clear simultaneously. 1st and 2nd Fundamental Theorems of Welfare Economics
I. Choose the Correct Answer 1. An object is moving along the x axis with position as a function of time given by x=x(). Point is at x 0. The object is definitely moving toward O when