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3 June, 16:35

The distinction between efficiency and equality can be described as follows:

a. Efficiency refers to minimizing the price paid by buyers; equality refers to maximizing the gains from trade among buyers and sellers.

b. Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.

c. Efficiency refers to maximizing the number of trades among buyers and sellers; equality refers to maximizing the gains from trade among buyers and sellers.

d. 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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  1. 3 June, 18:56
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    The correct answer is the letter b. Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.

    Explanation:

    Efficiency is about maximizing production while minimizing costs, ie producing as much as possible with available resources. Equality refers to the distribution of production, that is, the division into economically considered fair parts of what was produced among the agents of society. In the example, efficiency would be to produce the largest pie possible given the existing resources. Equality would be the distribution of the pie considered socially fair.
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