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Exercise 1 (25 points) (1) Explain in words what a general equilibrium is? (2) Why is the first fundamental theorem of welfare economics an important

Exercise 1 (25 points)

(1) Explain in words what a general equilibrium is?

(2) Why is the first fundamental theorem of welfare economics an important result?

(3) Why is the second fundamental theorem of welfare economics an important result?

please it's urgent!

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