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The universe is said to be closed if
Contract Curve
In economics, it represents the locus of points indicating the optimal distribution of resources between parties in an Edgeworth box diagram.
Indifference Curve
A graph showing combinations of two goods that give a consumer equal satisfaction and utility.
Efficient Allocation
The optimal distribution of resources and goods to maximize the net benefit or welfare within an economy.
Allocation Efficient
A distribution of resources in which it is impossible to make any one individual better off without making at least one individual worse off.
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