Examlex
Which selection tool was rated lowest in effectiveness in a study of 150 U.S. respondents?
Initial Endowment
The initial allocation of resources, money, or goods that an individual, institution, or country possesses.
Pareto Optimal
An allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.
Utility Function
A mathematical representation used in economics to model the satisfaction or happiness a consumer derives from consuming goods and services.
Edgeworth Box
A diagram used in microeconomics to show the distribution of resources and the optimality of trade-offs between two agents in an economy.
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