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The condition in which the economy is producing what people want at least possible cost pareto efficiency; pareto optimality A condition in which no change is possible that will make some members of society better off w/o making some other members of society worse off. pareto efficient change makes at least one party better off and no party worse off.
The condition that ensures that the right things are produced is P = MC. Or the value to a consumer equals the costs of producing the product. price; marginal cost; p=mc. Society will produce the efficient mix of output if all firms equate _____ and _____ _____. The notion that markets are nearly competitive (â__=__) is argued by conservatives as justification for minimal gov't intervention in markets. market failure. Occurs when resources are misallocated, or allocated inefficiently.