Asked by
Mikayla Mapps
on Nov 05, 2024
Verified
For a change to be potentially efficient, no one can be made worse off.
Potentially Efficient
Describes a situation where resources could be allocated in a way that maximizes productivity or utility, but are not currently.
Worse Off
A situation in which an individual, group, or economy is in a poorer or less advantageous position compared to a previous state or another entity.
- Understand the concept of Pareto efficiency and its application in evaluating government policies and market exchanges.
Verified Answer
WI
Learning Objectives
- Understand the concept of Pareto efficiency and its application in evaluating government policies and market exchanges.