Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Why does the goal of efficiency conflict with equity?
Expert Solution
Introduction
Efficiency is defined as the practice of using the resources to the maximum economic benefit. It aims at maximising the total utility in the economy to provide maximum benefits.
Equity refers to the equitable distribution of income and resources among the individuals. It aims at improving the quality and standard of living of lower sections of the society as well.
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