How is a potentially efficient change different from a Pareto ...

[j.rubin]

How is a potentially efficient change different from a Pareto optimal change?
 
  What will be an ideal response?

Question 2

Refer to Table 4-4. If a minimum wage of 10.50 an hour is mandated, what is the quantity of labor demanded?
 
  A) 400,000 B) 370,000 C) 340,000 D) 60,000

[SeanoH09]

Answer to Question 1

For a potentially efficient change, benefits must exceed costs; however, some people can be made worse off as a result. In a Pareto optimal solution, no party is made worse off due to a change.

Answer to Question 2

C

[j.rubin]

Wow, this really help

[Viet Thy]

Excellent