Explain the statement true or false. "It is possible to have a Pareto efficient allocation where someone is worse off than she is at an allocation that is not Pareto efficient"
Explain the statement true or false. "It is possible to have a Pareto efficient allocation where someone is worse off than she is at an allocation that is not Pareto efficient"
Chapter1: Making Economics Decisions
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Problem 1QTC
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Explain the statement true or false.
"It is possible to have a Pareto efficient allocation where someone is worse off than she is at an allocation that is not Pareto efficient"
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Pareto efficient implies that where nobody can be better off without making someone worse off. The Pareto efficient explains that one should max better off given the other but it doesn't state that both should be on their maximum welfare.
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