The concept of Pareto optimality is a

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Pareto optimality is a useful concept because it guarantees economic efficiency. It states that an allocation of resources is Pareto optimal if no one can be made better off without making someone else worse off. Thus, Pareto optimality ensures that resources are allocated in the most efficient way possible, leading to the maximum possible economic output. It does not necessarily guarantee equality or equity, but rather focuses on achieving maximum efficiency.

The Concept of Pareto Optimality Is a