ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Efficiency refers to maximizing the number of trades among buyers and sellers; equality refers to maximizing the gains from trade among buyers and sellers.
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Efficiency refers to minimizing the price paid by buyers; equality refers to maximizing the gains from trade among buyers and sellers
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Efficiency refers to maximizing the size of the pie; equality refers to producing a pie of a given size at the least possible cost.
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Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.
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Detailed explanation-1: -The distinction between efficiency and equality can be described as follows: Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie uniformly among members of society. total surplus. The value of everything a seller must give up to produce a good is called producer surplus.
Detailed explanation-2: -The correct answer is a; Efficiency refers to the size of the economic pie, equality refers to how the pie is divided.
Detailed explanation-3: -Answer and Explanation: The correct answer is: b. Efficiency deals with the size of the economic pie; equality deals with how fairly the pie is sliced.
Detailed explanation-4: -Efficiency refers to the size of the economic pie; equality refers to how the pie is divided. Government policies usually improve upon both equality and efficiency. As long as the economic pie continually gets larger, no one will have to go hungry.