A Condition in Which No Change Is Possible That Will

question 186

Multiple Choice

A condition in which no change is possible that will make some members of society better off without making some other members of society worse off is called

• A) Pareto optimality.
• B) partial equilibrium.
• C) general equilibrium.
• D) market failure.

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Definitions:

Notes Payable

Written promises to pay a specified amount of money, usually including interest, at a future date; classified as liabilities.

Cash

Money in the form of coins or banknotes, especially that which is used to conduct transactions.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments, used to compile financial statements and check for errors in journal entries.

Ledger Accounts

Individual financial accounts recorded in a ledger, providing a detailed record of all transactions affecting that account.