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Question 1. (a) What is asserted by the First Theorem of Welfare Economics? (b) What is meant in general by the term “market failure”? (c) What is the definition of a real (non-pecuniary) externality? (d) What is the definition of a pecuniary externality? (e) Does the existence of a real externality contradict the First Theorem of Welfare Economics? (f) Does the existence of a pecuniary externality contradict the First Theorem of Welfare Economics? (g) Is it always socially optimal to have a zero level of an activity that generates a harmful externality? (h) If the answer to (g) is “no,” just when is it socially optimal to have a zero level of an activity that generates a harmful externality?

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Question

1. (a) What is asserted by the First Theorem of Welfare Economics? (b) What is meant in general by the term

“market failure”? (c) What is the definition of a real (non-pecuniary) externality? (d) What is the definition of a pecuniary externality? (e) Does the existence of a real externality contradict the First Theorem of Welfare Economics? (f) Does the existence of a pecuniary externality contradict the First Theorem of Welfare Economics? (g) Is it always socially optimal to have a zero level of an activity that generates a harmful externality? (h) If the answer to (g) is “no,” just when is it socially optimal to have a zero level of an activity that generates a harmful externality? 

 
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