In a pure exchange economy if the price of good x goes up, all consumers are worse off. O True O False

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This problem set is about General Equilibrium, . 1. True and False. For each of the following statements, specify whether the section in bold is true, false or uncertain, and in no more than FOUR sentences, explain your answer. Note that answers that only indicate true or false without providing any further explanations Forall the following questions, consider a two-person two-good exchange econ- omy, in which preferences are well behaved. (a) Any competitive equilibrium (allocation and price ratio) must be unique. (b) The centre of the Edgeworth box must be a Pareto optimal allocation.. (c) A candidate allocation need only be within the lens formed by the two indifference curves (one for each agent) that pass through the initial al- location point, without being on the core, in order to be a competitive equilibrium). (d) Walrasian tâtonnement is the process of adjusting the relative prices of the two goods when the individually optimal allocations for each player leads to excess…