Which statement is TRUE? Efficiency exists when an economy realizes the minimum possible gains from trade, given the available resources. If an economy is efficient, it is possible to make only a few people better off without reducing other individuals' economic welfare. Economic efficiency exists when some of the opportunities to make people better off have been exploited. Free markets usually lead to efficiency but not necessarily equity.

Which statement is TRUE? Efficiency exists when an economy realizes the minimum possible gains from trade, given the available resources. If an economy is efficient, it is possible to make only a few people better off without reducing other individuals' economic welfare. Economic efficiency exists when some of the opportunities to make people better off have been exploited. Free markets usually lead to efficiency but not necessarily equity.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter22: Economies In Transition

Section: Chapter Questions

Problem 13SQ

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