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Pareto Optimality Explained in 120 Seconds! 📈⚖️ | Economics Simplified ~ Abhishek Abhay
What is Pareto Optimality? 💡 Pareto Optimality, or Pareto Efficiency, is a key economic concept where resources are allocated in a way that no one can be made better off without making someone else worse off. It’s used in welfare economics, market efficiency, and policy decisions! 📊 Key Insights: No wasted resources, no unnecessary harm ...
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