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As the intellectual climate improved in the High Middle Ages
Pareto Efficient Allocation
An allocation of resources that cannot be modified to make anyone better off without making someone else worse off.
Utility Function
An economic model that represents a consumer's preference ranking for various bundles of goods by assigning a utility value to each bundle.
Pareto Optimal Allocation
A distribution of resources in an economy where improving the situation of one person necessitates detriment to another.
Utility Function
A mathematical representation of how a consumer ranks different bundles of goods based on their level of satisfaction or utility.
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