Social welfare function summarizes societys preferences

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True/False/Uncertain/Explain For each of the propositions given, state whether the proposition is true, false, or uncertain, and then support your answer with an explanation. Use 1-3 concise sentences with each one.

a. The first fundamental welfare theorem gives the conditions under which the private market can lead to a particular efficient outcome.

b. A Pareto efficient allocation is one that yields a fair outcome.

c. A social welfare function summarizes society’s preferences over citizens’ utility.

Reference no: EM13859457

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