Question: Explain why economists believe that in standard markets the equilibrium is efficient, and welfare is maximized. Use and describe the fundamental assumptions and laws of

Explain why economists believe that in standard markets the equilibrium is efficient, and welfare is maximized. Use and describe the fundamental assumptions and laws of economics.

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Question: Explain why economists believe that in standard markets the equilibrium is efficient, and welfare is maximized. Use and describe the fundamental assumptions and laws of

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