Question: 7. a. State and explain Arrow's Impossibility Theorem and its implications for social choice. (3 marks) b. State and explain the First and Second Welfare

7. a. State and explain Arrow's Impossibility Theorem and its implications for social choice. (3 marks) b. State and explain the First and Second Welfare Theorem and discuss their economic implication and significance. (4 marks) c. Explain the concept of minimum efficient scale and its relevance for determining when a market is likely to become a monopoly or a competitive market

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