Asked by Juanita Soriano on Jul 20, 2024
Verified
When comparing point A, which lies within a utilities possibilities frontier, with point B, which lies on the same utilities possibilities frontier,
A) A may be more efficient than B.
B) A is necessarily more equitable than B.
C) B may be more equitable than A.
D) B is necessarily more equitable than A.
Utilities Possibilities Frontier
A concept in economics that represents all possible allocations of utility or satisfaction among different goods and services for a particular consumer or society, graphically.
Efficient
A state of productivity in which resources are used in the most cost-effective way without waste, achieving the highest possible output from a given input.
Equitable
Characterized by fairness or impartiality; just and right in considering the rights and responsibilities of all parties involved.
- Assess the relevance of points situated on, within, and outside the utilities possibilities frontier with respect to efficiency, fairness, and possibility.
Verified Answer
Learning Objectives
- Assess the relevance of points situated on, within, and outside the utilities possibilities frontier with respect to efficiency, fairness, and possibility.
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