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6 January, 03:57

When economists say that equilibrium is efficient, they mean that ...?

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  1. 6 January, 04:48
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    They mean all units creating more benefit than cost have been produced.
  2. 6 January, 06:47
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    When economists say that equilibrium is efficient, they would mean that the price and quantity are stable so benefits are increasing. The market equilibrium provides more benefits in terms of costs. There is equilibrium when there is no shortage, no surplus and prices are stable, at the same time supply curve and demand curve should be intersect.
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