« previous next »

Author Question: Refer to Figure 7-2. At the efficient equilibrium A) economic surplus is zero. B) economic ... (Read 88 times)

penza

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

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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

penza

  • Hero Member
  • *****
  • Posts: 1,022
Reply #2 on: Jun 29, 2018
Thank you :)


yotaSR5

  • Sr. Member
  • ****
  • Posts: 331
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

The distribution of cones and rods over the human retina. The figure illustrates the number of cones ... The distribution of cones and rods over the human retina. The figure illustrates the number of cones ...
Economic and Social Development Economic and Social Development
Global Economic Relationships Global Economic Relationships
Demographic change and the effect on people social, and economic life Demographic change and the effect on people social, and economic life
Swimming Pool (Figure 3.1) Swimming Pool (Figure 3.1)
Hardy–Weinberg Equilibrium Genotype Frequencies for Three Alleles of a Gene Hardy–Weinberg Equilibrium Genotype Frequencies for Three Alleles of a Gene
Video: baroreceptors

For a complete list of videos, visit our video library