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Question 29 In a perfectly competitive market with no externalities, First Welfare Theorem is important because 0 it tells us that the free market without intervention is always fair, and any inequality we see in the market must be a result of corruption. 0 it tells us that market equilibrium allocations are Pareto efcient. 0 it tells us that the free market is efficient even when the government enters and imposes a tax or a subsidy. 0 it tells us that the free market gives the greatest amount of surplus possible only for producers. 0 it tells us that the free market gives the greatest amount of surplus possible only for consumers. Question 30 A S B C E F H G K L M N PWorld = R V W X S T U Z Q Suppose that instead of tariff, the government imposes a quota equal to LN. After quota, units are demanded and consumed in Econland out of which units are imported. (Fill in blanks) O T, TU O U, SU O Z, SZ O S, SZ O U, TZ