The market equilibrium outcome is Pareto efficient. What is meant by this? No matter whether price starts
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Question:
"The market equilibrium outcome is Pareto efficient." What is meant by this?
"No matter whether price starts out above or below its equilibrium value, a mutually beneficial transaction will always be possible...the equilibrium price and quantity constitute the best outcome attainable, given the initial attributes and endowments of buyers and sellers."
I am not agreeing with the answer as I think Pareto efficient means there is no way of improve ones situation without harming someone else,
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