Examlex
The Mandarin Oriental's use of computer systems to keep track of guests' preferences is an example of which of the following?
Pareto Optimal
A condition where resources are distributed in such a way that improving the situation of one person necessitates worsening the situation of another person.
Utility Function
Represents the relationship between the quantities of goods consumed and the level of happiness or utility derived from them.
Initial Endowment
The initial allocation of resources or goods that an individual or firm has before any trade takes place in an economic model.
Initial Endowment
The initial quantity of goods, services, or resources an individual, firm, or economy possesses.
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