Consider an exchange economy with two agents, 1 and 2, and two goods, X and Y. Each agent's consumption set is in +R2. The endowments of agents 1 and 2 are (10, 1) and (0, 9) respectively. In any commodity bundle, the first entry is the quantity of X, and the second entry is the quantity of Y.
Which of the following allocations is an efficient allocation?
The allocation where Agent 1 gets (10,1) and Agent 2 gets (0,9) is an efficient allocation because it respects their initial endowments and preferences, and any change would make at least one agent worse off.
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