Question : In terms of economics, if it is possible to make someone better off without making someone worse off, then the situation is
Option 1: inefficient
Option 2: efficient
Option 3: optimal
Option 4: pareto-superior
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Correct Answer: pareto-superior
Solution : The correct answer is Pareto-superior .
In economics, if it is achievable to make one person better off without making another person worse off, the scenario is referred to as a Pareto improvement or efficiency. A Pareto improvement happens when the well-being or utility of at least one individual is raised without reducing the well-being or usefulness of any other individual.
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