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When an economic policy results in substantial income gains for the poorest individuals in a society but causes an income loss for the wealthiest, it is not a Pareto improvement. However, if such a policy is still judged to be 'fair', this judgment is based on a value system that prioritizes ________ over strict efficiency criteria where no one can be made worse off.

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Updated 2025-07-27

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Introduction to Microeconomics Course

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