Question

Efficiency occurs when A. the economy has a fair and just distribution of income. B. all markets are in equilibrium. C. the economy is producing what people want at least possible cost. D. unemployment is low and prices are stable.

Answer 1

The Correct Answer is C

Step-by-step explanation:

• Economic efficiency: a situation where every source is allotted optimally and each personality is obeyed in the best potential way to depreciate incompetence and consumption.
• Efficiency must-see at the connection between the physical product and the physical data. Economic efficiency symbolizes scales of loss and benefit.

Answer 2

The correct answer is C

Step-by-step explanation:

Efficiency is the term which is described as the ability for avoiding the waste materials, money, energy, efforts and the time in producing something in order to achieve the desired result or consequence. In short, it is a concept which is quantitatively, measurable determined through the ratio of the useful output to the aggregate input.

Therefore, the efficiency occurs or happen when the economy is producing what the people want which is available at the very least possible cost.