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.

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Azrienne Miller · Accepted Answer

Final Answer : D, Explanation :  Efficiency in economic terms is about maximizing total output or the size of the economic pie, while equality concerns how that output is distributed among individuals in society, aiming for a fair distribution.

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