Question
(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
(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.
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