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Using a graph, explain why a competitive market in which the price is lower than the...

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Economics

Using a graph, explain why a competitive market in which theprice is lower than the market equilibrium is not Paretoefficient.

marks =

  • Was Pareto Efficiency defined?
  • Was the graph correct?
  • Was the answer correct?
  • Was the explanation detailed?

Answer & Explanation Solved by verified expert
4.1 Ratings (733 Votes)
A Competitive market where price is lower than the Equilibriumprice is not a pareto efficient marketSo graph not correctAnswer not correctPareto efficiency not definedI will explain each of these in detailA pareto efficient market is such a market situation in theeconomy where    See Answer
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