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Define and state the significance of Pareto efficiency

      

Define and state the significance of Pareto efficiency

  

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Joel
Pareto efficiency is defined as economic situation when the circumstances of one individual cannot be made better without making the situation worse for another individual.Its significance is to provide a weak but widely accepted standard for comparing economics outcome.its a weak standard because there may be many efficiency situations and the Pareto test doesn't tell us how to choose between them.
Mabongajoel answered the question on April 8, 2018 at 14:07


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