Explain how incomplete information causes each of the following situations and why the equilibrium in each of these situations is not Pareto optimal:
Definitions:
Enthusiastic Crowds
Groups of individuals who show intense excitement or eagerness, often in the context of events or gatherings.
Random Sampling
A technique used in research to select a sample of subjects from a population by chance, ensuring that every individual has an equal opportunity to be chosen.
Tuition Hike
An increase in the fees charged by educational institutions for enrollment and instruction.
Correlational Research
A method of research that determines the degree to which two variables are related without establishing a cause-and-effect relationship.
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