Examlex
Reservation prices and search efforts are the same across consumers.
Pareto Optimal Allocations
A situation where resources in an economy are allocated in such a way that it is impossible to make any one individual better off without making at least one individual worse off.
Trade
The exchange of goods, services, or both between two or more parties.
Numeraire Good
An economic term referring to a benchmark commodity or asset used to compare the value of other goods or assets.
Utility Function
A utility function is a mathematical representation used in economics to model satisfaction or preference regarding goods or services by consumers.
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