A Competitive Equilibrium Is Pareto-Optimal If There Is No Way

question 52

Multiple Choice

A competitive equilibrium is Pareto-optimal if there is no way to rearrange or to reallocate goods so that

• A) anyone can be made better off.
• B) no one can be made worse off.
• C) someone can be made better off without making someone else worse off.
• D) someone can be made better off without making everyone else worse off.
• E) everyone is made better off.

Recognize the universal values accepted across cultures and their significance.

Analyze the influence of culture on moral values and social behavior.

Distinguish between strong and weak situations and their impact on norms for behavior.

Examine the importance of various values within different cultures through empirical research.

---

Definitions:

Cash Discount

is a reduction in the invoice price offered by sellers to buyers as an incentive to encourage prompt payment of their accounts payable.

Customer Refunds Payable

Liabilities owed to customers for products returned or services not satisfactorily rendered.

Merchandise Inventory

The total value of a retailer's goods that are available for sale to customers, including items purchased from suppliers and items ready for sale.

Sales Discount

A reduction in the price of goods or services offered to customers, usually to prompt early payment or bulk purchases.