The Pareto optimality concept is _____.
A)equivalent to the concept of economic efficiency
B)equivalent to Pareto superiority
C)equivalent to utilitarianism
D)equivalent to cost-benefit analysis

Question

Quizplus · Accepted Answer

The Pareto optimality concept is not equivalent to Pareto superiority or utilitarianism. It is similar to the concept of economic efficiency, which refers to the allocation of resources that maximizes the total net benefit received by society. Cost-benefit analysis is a tool used to evaluate economic efficiency, but it is not equivalent to Pareto optimality. Therefore, the correct answer is A) equivalent to the concept of economic efficiency.

The Pareto Optimality Concept Is _____