Consider the following GDP levels and income distributions in the years 1950 and 2020 (the dollar values are inflation-adjusted). Year GDP Income of 1st Tercile Income of 2nd Tercile Income of 3rd Tercile 1950 1 trillion 0.2 trillion 0.3 trillion 0.5 trillion 2020 8 trillion 0.4 trillion 1.2 trillion 6.4 trillion Compute People's growth between 1950 and 2020. O a. 432%. O b. 250%. O c. 526%. O d. 500%. QUESTION 10 The Second Welfare Theorem states that O a. competitive markets are efficient and fair, as long as there are no externalities and no concentration of market power. O b. competitive markets are always efficient and fair, even if there are externalities. O c. when there are no externalities and no concentration of market power, an efficient and fair market outcome can be achieved via redistribution of wealth/opportunity. O d. substantial inequality is a necessary by-product of an economy that operates efficiently