__________ Are Collected from Several Entities at the Same Point

question 45

Multiple Choice

__________ are collected from several entities at the same point in time.

• A)Time series data
• B)Categorical and quantitative data
• C)Cross-sectional data
• D)Random data

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Definitions:

Pareto Efficient Allocations

refers to an economic situation where no individual can be made better off without making someone else worse off.

First Theorem of Welfare Economics

A principle stating that, under perfect competition and with no externalities, the allocation of resources where supply equals demand leads to a Pareto efficient outcome.

Competitive Equilibrium

A state in a market where supply equals demand, with price acting as the balancing factor, and all economic agents are optimizing their outcomes.

Pareto Optimum

An economic state where resources are allocated in a manner that precludes the possibility of bettering one's situation without causing harm to another.