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Author Question: Refer to Figure 7-2. At the efficient equilibrium A) economic surplus is zero. B) economic ... (Read 71 times)

penza

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on: Jun 29, 2018
Refer to Figure 7-2. At the efficient equilibrium
 
  A) economic surplus is zero. B) economic surplus is negative.
  C) economic surplus is minimized. D) economic surplus is maximized.

Question 2

What is the difference between economic efficiency and equity?
 
  What will be an ideal response?


yotaSR5

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Economic efficiency is concerned with maximizing the value of output that can be generated by a given resource base while equity deals with the distribution of society's total output among the sectors and individuals of society.


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penza

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Reply #2 on: Jun 29, 2018
Thank you :)


yotaSR5

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Reply #3 on: Jun 29, 2018
Happy to help you


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