Asked by
Kayshiona Acquaye
on Nov 05, 2024
Verified
Free markets, by definition, must always be efficient.
Free Markets
An economic system in which prices are determined by unrestricted competition between privately owned businesses, without government intervention.
Efficiency
The optimal allocation of resources to produce the maximum amount of goods and services, with the least waste of resources.
- Acquire knowledge on the notion of Pareto Optimality and its role in the efficacy of market results.
Verified Answer
TW
Learning Objectives
- Acquire knowledge on the notion of Pareto Optimality and its role in the efficacy of market results.
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