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State and explain Arrow's Impossibility Theorem and its implications forsocial choice. State and explain the First and Second Welfare Theorem and discuss their economic implication
- State and explain Arrow's Impossibility Theorem and its implications forsocial choice.
- State and explain the First and Second Welfare Theorem and discuss their economic implication and significance.
- Explain the concept of minimum efficient scale and its relevance for determining when a market is likely to become a monopoly or a competitive market.
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