(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. The following time series shows the number of units of a particular product sold over the past six months. Units Sold Month (Thousands) 23 17 17 11 23 a. Use a = 0.2 to compute the exponential smoothing values for the time series, forecast the sales volume for month 7, and fill in the unknown spaces.Question 9: Jimmy is pursuing his degree in a private institution. When he was in his third trimester, the school announced that it will be implementing a new regulation in that all students must wear a uniform that the school will be introducing. Jimmy does not think that this is correct, given that his contract with the school makes no mention of uniforms. Which of the following rules suggests that once a contract has been reduced in writing, one party cannot unilaterally change it terms? (2 marks) A. The Parol Evidence Rule. B. The Rule in Pinnel's Case. C. The Golden Rule. D. The Vitiating Factor Rule