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In a point-of-view task, 12-year-old Amira takes much longer answering third-person questions ("What do you think someone else would think if…?") compared to first-person questions ("What would you think if…?") . Joey, who is 18, also takes longer with third-person questions compared to first-person questions, but the gap between the two is not as great as it is for Amira. A researcher might conclude that Amira
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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