A ________ system is one in which all possible trades that make some societal members better off without making others worse off have been exhausted.

A) Pareto maximized
B) Pareto optimal
C) market
D) general equilibrium

Pareto Optimal

A situation in economics where resources are allocated in the most efficient manner, making it impossible to reallocate without making at least one individual worse off.

Trades

The action of buying and selling goods and services, which can occur domestically within a country or internationally between countries.

Societal Members

Individuals who constitute a society, participating in its culture, norms, and economic activities.