Author Question: Refer to Figure 7-2. At the efficient equilibrium A) economic surplus is zero. B) economic ... (Read 35 times)

penza

  • Hero Member
  • *****
  • Posts: 1,022
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

  • Sr. Member
  • ****
  • Posts: 331
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

yotaSR5

  • Sr. Member
  • ****
  • Posts: 331

 

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

For a complete list of videos, visit our video library