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Explain the locus of charismatic leadership.
Contract Curve
In an Edgeworth Box diagram, the curve that represents all the Pareto efficient allocations between two consumers.
Pareto Optimal
A situation of distribution where improving the condition of any individual necessitates the detriment of at least another individual.
Competitive Equilibrium
A state in a market-based economy where supply equals demand, meaning all buyers and sellers are satisfied at the current price level and quantity of goods.
Feasible Allocation
is a concept in economics that refers to the division of resources or goods among various uses or people in a way that is possible given the resources available.
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