First fundamental theorem of welfare economics

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Reference no: EM131393021

a) Explain precisely the First Fundamental Theorem of Welfare Economics,

b) Explain clearly the various assumptions of the theorem,

c) State the Second Fundamental Theorem of Welfare Economics, and highlight the significance of this theorem,

d) What is meant by market failure? Explain the various factors that lead to market failure in the present day so-called competitive market economy.

Reference no: EM131393021

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