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SHORT ANSWER (36 points: your grade depends mainly on your explanation): 9. (2 points) Succinctly state the First Fundamental Theorem of Welfare Eco- nomics and

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SHORT ANSWER (36 points: your grade depends mainly on your explanation): 9. (2 points) Succinctly state the First Fundamental Theorem of Welfare Eco- nomics and the Second Fundamental Theorem of Welfare Economics as it was taught in class. Under what conditions do they fail (state these briefly)

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