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Which of the following statements best summarizes the principle of 'Pareto Efficiency' in resource allocation? (2023)

Practice Questions

1 question
Q1
Which of the following statements best summarizes the principle of 'Pareto Efficiency' in resource allocation? (2023)
  1. Resources are allocated in a way that maximizes total output.
  2. No reallocation can make one individual better off without making another worse off.
  3. Resources are distributed equally among all individuals.
  4. The allocation of resources is based solely on market demand.

Questions & Step-by-step Solutions

1 item
Q
Q: Which of the following statements best summarizes the principle of 'Pareto Efficiency' in resource allocation? (2023)
Solution: Pareto Efficiency is achieved when no individual can be made better off without making someone else worse off, thus option 1 is correct.
Steps: 0

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