True/False/Uncertain/Explain For each of the propositions given, state whether the proposition is true, false, or uncertain, and then support your answer with an explanation. Use 1-3 concise sentences with each one.
a. The first fundamental welfare theorem gives the conditions under which the private market can lead to a particular efficient outcome.
b. A Pareto efficient allocation is one that yields a fair outcome.
c. A social welfare function summarizes society’s preferences over citizens’ utility.