Explain the Difference Between Market Equilibrium and Social Optimum

question 196

Essay

Explain the difference between market equilibrium and social optimum.

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Definitions:

Stability

Steadiness and firmness of purpose; a leadership quality required for making good judgments and generating the trust and confidence of others.

Generosity

The quality of being kind, understanding, and not selfish; the willingness to give or share unselfishly.

Peacefulness

The state of being calm, tranquil, and free from conflict or disturbance.

Traditionals

Traditionals, often referred to as Traditionalists, are individuals or groups that adhere strictly to established practices and resist change.