Use the following diagram to answer the following questions.
-Refer to Diagram 4-2. In the above diagram the competitive level of output is:
Definitions:
Worse Off
A situation in which an individual, group, or economy is in a poorer or less advantageous position compared to a previous state or another entity.
Equitable
Characterized by fairness and impartiality; ensuring just treatment or distribution of resources without favoritism or discrimination.
Externalities
Economic side effects or by-products that affect an uninvolved third party; can be either positive or negative.
Pareto Efficient
A circumstance in resource distribution where any improvement for one individual means a disadvantage for at least another.
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