Millionaire Mode

Welfare Economics: Concepts and Theories

Question 1 of 15

Which of the following is a necessary condition for Pareto efficiency?

  1. No individual can be made better off without making someone else worse off.
  2. Total utility is maximized.
  3. The marginal rate of substitution between any two goods is the same for all individuals.
  4. The distribution of income is equal.

Prize Money

15₹7 Crores
14₹1 Crore
13₹50,00,000
12₹25,00,000
11₹12,50,000
10₹6,40,000
9₹3,20,000
8₹1,60,000
7₹80,000
6₹40,000
5₹20,000
4₹10,000
3₹5,000
2₹2,000
1₹1,000