Discuss the concept of Pareto Optimality and briefly explain its criteria.

Pareto optimality, also known as Pareto efficiency, is a concept in economics that represents a state of allocation of resources in which no one can be made better off without making someone else worse off. In other words, a Pareto optimal allocation is one in which resources are allocated in such a way that no individual can be made better off without making at least one other individual worse off.

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