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For a competitive private ownership economy with production (1) define the set of its competitive equilibria with transfers (2) define the set of its competitive quasi-equilibria with transfers (3) is any of these sets a subset of the other? if not, why? if yes, which one and why? (4) can the inclusion hold both ways? why?
For a competitive private ownership economy with production (1) define the set of its competitive equilibria with transfers (2) define the set of its competitive quasi-equilibria with transfers (3) is any of these sets a subset of the other? if not, why? if yes, which one and why? (4) can the inclusion hold both ways? why?
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