BOTANY

Detailed explanation-1: -Thus the conditions necessary for the attainment of Pareto optimality relate to efficiency in consumption, efficiency in production, and efficiency in both consumption and production.

Detailed explanation-2: -The Pareto optimum helps keep the market balanced and prevents market failure. Any market failure would mean an inefficient allocation of resources and Pareto inefficiency.

Detailed explanation-3: -Consider another example: the sale of a used car. The seller may value the car at $10, 000, while the buyer is willing to pay $15, 000 for it. A deal in which the car is sold for $12, 500 would be Pareto efficient because both the seller and the buyer are better off as a result of the trade.

Detailed explanation-4: -Among them, Arrow and Hahn (1971) and Lockwood (2008) argue that Pareto-optimality is a normative term, which belongs to welfare economics and imply social desirability; whereas Pareto-efficiency refers to a scientific result, without implying any ethical considerations (Arrow & Hahn, 1971, p.