If Pareto Efficiency Has Been Achieved

question 94

Multiple Choice

If Pareto efficiency has been achieved,

• A)there are no additional Pareto improvements that can be made.
• B)surplus is maximized.
• C)economic efficiency is also achieved.
• D)All of the above.

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Definitions:

Dominant Strategy

A strategy that is best for a player in a game regardless of the strategies chosen by the other players.

Internationalization

The process of designing products, services, and strategies in a way that they can easily be adapted to various international markets.

World Economy

An interconnected global system of economic activities, trade, and investment across countries.

Interconnected

Being linked or related in such a way that each element affects or is affected by others.