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Allocation of resources

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Reference no: EM131613425

Please answer the following.

  1. Consider the term "welfare economics," and apply it to the allocation of resources and its effects on today's society.
  2. Consider the benefits buyers and sellers receive from engaging in market transactions.
  3. Consider how society can make these benefits as large as possible.
  4. Consider the following statement: in any market, the equilibrium of supply and demand maximizes the total benefits received by all buyers and sellers combined.

Reference no: EM131613425

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