Multiple Choice
(Figure: Cereal and Pancakes III) Which of the following statements is (are) TRUE? I. Pareto efficiency occurs when Elaina consumes 4 pancakes and 3 bowls of cereal and Jose consumes 4 pancakes and 7 bowls of cereal.
II) Pareto efficiency occurs when Elaina consumes 3 pancakes and 3 bowls of cereal and Jose consumes 5 pancakes and 3 bowls of cereal.
III) Pareto efficiency occurs when Elaina consumes 3 pancakes and 3 bowls of cereal and Jose consumes 5 pancakes and 7 bowls of cereal.
A) I
B) I and II
C) II
D) I, II, and III
Correct Answer:

Verified
Correct Answer:
Verified
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