Asked by
lindsey malone
on Dec 01, 2024
Verified
An economic situation is Pareto optimal only if there is no way to make someone better off.
Pareto Optimal
A state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.
- Understand the concept of Pareto efficiency and its relevance to economic scenarios.
Verified Answer
MM
Learning Objectives
- Understand the concept of Pareto efficiency and its relevance to economic scenarios.