Match the Following Terms with Their Meanings

question 15

Short Answer

Match the following terms with their meanings.
-Column 1: citizen patrol
Column 2: preventive program staffed by citizen volunteers

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Definitions:

Competitive Equilibrium

A state in a market-based economy where supply equals demand, and prices are stable, facilitating the optimal distribution of resources.

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.