If Society Were to Maximize the Utility of Its Worst-Off

question 86

Multiple Choice

If society were to maximize the utility of its worst-off member,the final allocation would most likely be

• A) relatively egalitarian.
• B) on the contract curve.
• C) Pareto efficient.
• D) one in which one person gets everything.

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Definitions:

Consumption Bundle

A combination of goods and services that a consumer chooses to consume at a given time.

Budget Constraint

The limit on the consumption patterns of an individual or household based on their income and the prices of goods and services.

Feasible

Capable of being done or achieved; possible within a set of constraints or conditions.

Gallons of Gasoline

A measurement of gasoline volume, with one gallon equal to approximately 3.785 liters, commonly used in the United States for fuel transactions.