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Just after the body dies, it immediately stops taking in needed oxygen. Does it at the same time immediately stop producing carbon dioxide?
Pareto Efficient
An economic state where resources are allocated in a way that it is impossible to make any one individual better off without making at least one individual worse off.
Efficiency
A measure of how well resources are used to achieve a goal, maximizing output from given inputs without waste.
Equity
The concept of fairness or justice, often discussed in the distribution of wealth, or the ownership interest in a firm.
Perfectly Competitive System
A market structure where many firms offer products or services that are similar, leading to a high level of competition and prices that reflect the true supply and demand.
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