Answer
Efficiency is the property of a resource allocation of maximizing the total surplus received by all members of society. It is not the only goal of economic policymakers.
Work Step by Step
Policymakers also aim for equality.
Principles of Microeconomics, 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
128516590X
ISBN 13:
978-1-28516-590-5
Chapter 7 - Part III - Consumers, Producers, and the Efficiency of Markets - Questions for Review - Page 151: 4
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