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Microeconomic Theory > C10: Effect of Government Policies on Welfare of C and P > Flashcards

C10: Effect of Government Policies on Welfare of C and P Flashcards

1
Q

Trade Graph

A

Trade Graph

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2
Q

Tariff Graph

A

Tariff graph

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3
Q

Paretto principle

A

Society should favor changes that benefit some without hurting others

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4
Q

Paretto improvement

A

A change that complies with paretto principle

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5
Q

Paretto efficient

A

Outcome where there is no possible paretto improvement

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Microeconomic Theory (11 decks)

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