[3/25, 15:52] Festuh: (A) According to the First Fundamental Theorems of Welfare Economics a competitive economy will achieve economic justice.

Reason:

Their are two fundamental theorems of welfare economics that describe the relationship between competitive markets and Pareto efficiency.

The first describes the market as equal for both buyers and sellers with perfect competition and economic equilibrium in the market which shows that their is no such thing as market power and the competitive environment in the market will only unable the equality in terms of economy as well.

[3/25, 15:53] Festuh: The key variable that answers the fundamental questions in microeconomics and what drives the economy is prices. Economic agents react to prices they face and the forces of demand and supply are the function of prices.

So the correct option is option a.

Positive economics refers to the statement of things as they are or a description of reality. So the correct option that best describes the positive economics is option a. That is, it is the way things are.

So the correct option is option a.

The example of perfect competition in a way can be stock market since there are large number of sellers and buyers of the same underlying stock and there are no barriers to entry of new buyers and sellers.

So the correct option is option C, the stock market.

The fact that water is more essential for life than diamond is true but the statement that twin forces of demand and supply dictate that water is just as expensive as diamond is false. Since the water on planet is available in abundance relative to diamond. While the demand for water might be high the supply is very low for diamond hence its price is higher than the price of water.

So the statement is false.

J. Identify the source(s) for the Civil or Code legal system and analyze how it was developed. 2. Analyze and explain what strategic management is and what role law can play in the development of a company's management tools and policies. Provide an example. 3. Consideration is an essential element for a contract to be considered valid. Explain the difference between what the law considers to be valid consideration versus past consideration