Pareto Efficiency and Optimality

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What is Pareto efficiency?

  1. A state of resource allocation where it is impossible to make one person better off without making someone else worse off.
  2. A state of resource allocation where everyone is as well-off as they can be.
  3. A state of resource allocation where the total welfare of society is maximized.
  4. A state of resource allocation where the distribution of income is equal.
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