Question: a. Describe the rst and second Welfare Theorem [2 points}. b. Describe the difference between risk aversion1 risk neutrality and risk prefering (2 points). c.

a. Describe the rst and second Welfare Theorem [2 points}. b. Describe the difference between risk aversion1 risk neutrality and risk prefering (2 points). c. Describe and explain the nonsatiation assumption [2 points}. d. Describe and explain the difference between adverse selection and moral hazard (2 points}. e. Describe and explain the difference between income effect and substitution effect (2 points)

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