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

Question

Quizplus · Accepted Answer

A Pareto optimal system is one where no individual or preference criterion can be better off without making at least one individual or preference criterion worse off, meaning all opportunities for mutually beneficial trade have been fully exploited.

A ________ System Is One in Which All Possible Trades