Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 7 - Part III - Consumers, Producers, and the Efficiency of Markets - Questions for Review - Page 151: 4

Answer

Efficiency is achieved by allocating society's resources in a manner that maximizes total surplus. However, it is not the only goal of policymakers, as they are also concerned with equality.

Work Step by Step

N/A
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.