Asked by
Autumn Eyman
on Nov 05, 2024Verified
An activity that makes some people better off and nobody worse off is a
A) government transfer program such as Social Security.
B) reduction in interest rates.
C) price floor that increases income to suppliers.
D) voluntary exchange.
Voluntary Exchange
A transaction where two parties trade goods or services by mutual agreement and benefit.
Better Off
A term used to describe a situation in which an individual, household, or group has improved economically, often as a result of higher income, greater wealth, or access to more goods and services.
People
Human beings collectively, considered as the members of a community, society, or workforce.
- Familiarize oneself with the idea of Pareto efficiency and its relevance to willing exchanges.
- Grasp the concept of voluntary exchange and its role in enhancing societal welfare.
Verified Answer
DP
Learning Objectives
- Familiarize oneself with the idea of Pareto efficiency and its relevance to willing exchanges.
- Grasp the concept of voluntary exchange and its role in enhancing societal welfare.