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1. Efficiency in exchange.
The required condition is that the marginal rate of substitution between any two products must be the same for every individual who consume them.
2. Efficiency in production.
The marginal rate of technical substitution between any two factors must be the same for any two firms using these factors to produce same product.
3. Efficiency in exchange and production
It also require that the marginal rate of substitution between two products must equal the marginal rate of transformation between them. It means simultaneous efficiency in consumption and production.
Jonmhumble answered the question on November 3, 2017 at 18:22
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