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1
Society's Total Welfare
In a competitive market demand and supply framework, with no government intervention, the consumers and producers being the only participants of the market, form the society. Therefore the welfare of society as a whole is the sum of the consumers' and producers' welfare.
Current Step1 of 9
1
Society's Total Welfare
In a competitive market demand and supply framework, with no government intervention, the consumers and producers being the only participants of the market, form the society. Therefore the welfare of society as a whole is the sum of the consumers' and producers' welfare.