Asked by Eugene Dioso on Jul 14, 2024

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Efficiency exists when there is no way to make someone better off without making someone else worse off.

Efficiency

The degree to which resources are allocated in a way that maximizes productivity and minimizes waste or inefficiency.

Equity

Fairness or justice in the way people are treated or in the distribution of resources, or ownership interest in a company or property.

  • Understand the concept of efficiency and its significance in economics.
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Verified Answer

JB
Jordan BlackJul 19, 2024
Final Answer :
True
Explanation :
Efficiency in economics is defined as a state where resources are allocated in a way that maximizes the production or output of goods and services without waste, and where no one can be made better off without making someone else worse off. This is known as the "no free lunch" principle. Therefore, option A is correct.