Q 1752880734.     Which of the following statements are true with
respect to the concept of EFFICIENCY as used
in mainstream economics'?

1 . Efficiency occurs when no possible reorganisation
of production can make anyone better off
without making someone else worse off
.
2. An economy is clearly inefficient if it is inside
the Production Possibility Frontier (PPF).

3. At a minimum, an efficient economv is on its
Production Possibility Frontier (PPF).

4. The terms such as 'Pareto Efficiency', 'Pareto
Optimality' and 'AIIocative Efficiency' are all
essentially one and the same which denote
'efficiency in resource allocation'.

Select the correct answer using the codes given below