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  3. 1 define each of the following terms i economic pareto...

Question: 1 define each of the following terms i economic pareto...

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1. Define each of the following terms i) Economic (Pareto) efficiency, i) Comparative advantage, iii) Offer curve. 2. Suppose a particular labour market was in equilibrium. What events could cause the equilibrium wage to fall? If all money wages rose with inflation each year, how would this market adjust?
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