Question 21 Which of the following statements) is/are true? I. In general equilibrium, an allocation is feasible if the

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Question 21Which of the following statements) is/are true?I. In general equilibrium, an allocation is feasible if the totalamount ofeach good consumed is equal to the total amount available.I. Walras law implies that in an economy with two goods, ifdemandequals supply in one market then demand must equal supply in theothermarket.Ill. The First Fundamental Theorem of Welfare Economics requiresthatin a competitive equilibrium, the socially desirable outcome isachieved.IV. In a pure exchange economy, if one consumer has a utilityfunction ofU = min(x,y}, it is necessarily the case that the MRS for eachconsumerwill be equal in the competitive equilibrium outcome.
A. only I is trueB. I, Il are trueC. 1, ll and IV are trueD. all of them are true