Can you help me with below homework question. Which of the following economic criteria is concerned with the overall fairness of the distribution and use of scarce resources? a) Marginal utility of consumption. b) Production efficiency. c) Equity. d) Allocation efficiency.

Can you help me with below homework question. Which of the following economic criteria is concerned with the overall fairness of the distribution and use of scarce resources? a) Marginal utility of consumption. b) Production efficiency. c) Equity. d) Allocation efficiency.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 18SQ

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Question

Can you help me with below homework question.

Which of the following economic criteria is concerned with the overall fairness of the distribution and use of scarce resources?

a) Marginal utility of consumption.
b) Production efficiency.
c) Equity.
d) Allocation efficiency.

Definition Definition State in which the marginal benefit to a consumer is equal to the marginal cost of producing a product. Allocative efficiency occurs when all the market participants (buyers and sellers) have all of the knowledge required to make informed decisions regarding consumption and production of goods and services.

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