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Relate the following statements to the Fundamental Theorems of Welfare Economics (assume that preferences are well-behaved and markets are perfectly competitive): a. [4] Markets are

Relate the following statements to the Fundamental Theorems of Welfare Economics (assume that preferences are "well-behaved" and markets are perfectly competitive): a. [4] "Markets are efficient." b. [4[ "Given an endowment, the core is the only set of efficient allocations that are possible outcomes from a competitive equilibrium

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