Chapter 23: Economic Efficiency

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Optimality

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9 Terms

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Optimality

________ or efficiency in this economic sense has nothing to do with the justice or desirability of the distribution.

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least reinterpret

The quest for efficiency has led to efforts to restructure, or at ________, the traditional criteria for making one person pay for harm caused to another.

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3

Pareto optimal state

The ________ might be a roughly equal distribution, or it might be a situation in which one player possesses all the goods.

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