Explain the Second Fundamental Theorem of Welfare Economics.
There are two fundamental theorems of welfare economics. The first states that in economic equilibrium, a set of complete markets, with complete information, and in perfect competition, will be Pareto optimal (in the sense that no further exchange would make one person better off without making another __________ ______ __________ _____ ______ _____ ___ ______ _____ _________.
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