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If the initial distribution of labor and capital is Pareto optimal, which of the following statements is TRUE?
Opportunity Cost
The act of abandoning potential benefits available in other choices upon selecting a specific alternative.
Room and Board
Refers to the combined cost of housing and food for students at a university or boarding school.
College Expenses
Costs associated with attending college, which can include tuition, room and board, books, supplies, and other living expenses.
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