Asked by
Gracey Rutherford
on Nov 17, 2024
Verified
The distinction between efficiency and equality can be described as follows:
A) Efficiency refers to maximizing the number of trades among buyers and sellers; equality refers to maximizing the gains from trade among buyers and sellers.
B) Efficiency refers to minimizing the price paid by buyers; equality refers to maximizing the gains from trade among buyers and sellers.
C) Efficiency refers to maximizing the size of the pie; equality refers to producing a pie of a given size at the least possible cost.
D) Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.
Efficiency
The optimum allocation of resources to achieve the best possible output or outcome with minimal waste or inefficiency.
Equality
A state or condition of being equal, especially in status, rights, and opportunities.
- Understand the importance of efficiency and equity in distributing resources.
Verified Answer
LB
Learning Objectives
- Understand the importance of efficiency and equity in distributing resources.