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One condition for the first welfare theorem to hold is that there are no externalities.Can this condition be re-phrased as "all property rights have been established"? And how does this justify a wide range of what we see government doing?
Time in Hours
A measurement of time duration represented in hours.
Minutes
A unit of time equal to sixty seconds or one-sixtieth of an hour.
Sales of Ice Cream
The total revenue or quantity sold of ice cream over a specified period of time.
Sales of Soda
The commercial activities related to the buying and selling of carbonated soft drinks.
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