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The two fundamental theorems of welfare economics are central to understanding the relationship between competitive markets and economic efficiency. They provide a theoretical foundation for evaluating how market outcomes can lead to socially desirable allocations of resources under certain conditions. Both theorems rely on assumptions of perfect competition, complete markets, and the absence of externalities, among others, and are formally derived within the framework of intermediate microeconomics using concepts like Pareto efficiency, utility maximization, and general equilibrium. The First Fundamental Theorem of Welfare Economics states that any competitive equilibrium, where firms maximize profits and consumers maximize utility given prices, ___ _______ _______ ___ ______ ____ _______ _________ _________ _________.
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