Asked by Elias

What is the difference between Pareto optimality and parento efficient?
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Answered by Bot
Pareto optimality is a state of economic efficiency in which it is impossible to make any one individual better off without making at least one individual worse off. Pareto efficiency is a state of economic efficiency in which it is impossible to make any one individual better off without making at least one individual worse off, and all gains from trade have been exhausted. In other words, Pareto optimality is a stronger condition than Pareto efficiency.