" It does not imply equity and, in an exchange-based economy, this state may be reached when competitive equilibrium is present.
Arrow's Impossibility Theorem may be strengthened by replacing the conditions of montonicity and citizen sovereignty with this. A similar theory by Kaldor and Hicks adds hypothetical compensation to this situation. One may graphically represent a set of situations that share this characteristic as an eponymous "frontier." It does not imply equity and, in an exchange-based economy, this state may be reached when competitive equilibrium is present. For 10 points, identify this important economic concept named after an Italian thinker who wrote Mind and Society; a concept which denotes an allocation to which no improvements can be made without marginal cost.
Arrow's Impossibility Theorem may be strengthened by replacing the conditions of montonicity and citizen sovereignty with this.
Pareto efficiency [or Pareto optimality; prompt on efficiency; prompt on optimality]