Asked by Larissa Snodgrass on Jun 26, 2024
Verified
Efficiency is the condition in which the economy is producing what people want at the least possible cost.
Efficiency
A measure of how well resources are used to achieve a goal, typically minimizing waste and cost while maximizing output or outcomes.
Least Possible Cost
The minimum expense required to achieve a particular economic objective.
- Master the idea of Pareto Optimality and its impact on the effectiveness of market outcomes.
Verified Answer
NA
NUR AMIZA SYAZWINA BINTI AZMI / UPMJun 29, 2024
Final Answer :
True
Explanation :
Efficiency in economics refers to the optimal production and distribution of resources, ensuring that what is produced matches consumer preferences with the minimum waste of resources.
Learning Objectives
- Master the idea of Pareto Optimality and its impact on the effectiveness of market outcomes.
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