In a planned economy, the concept of efficiency is
A)more important than in a market economy.
B)less important than in a market economy.
C)not important at all.
D)as important as in a market economy.

Question

Quizplus · Accepted Answer

In a planned economy, the concept of efficiency is as important as in a market economy because both types of economies aim to use their resources in the most effective way to meet the needs and wants of their population. The main difference lies in how decisions regarding the allocation of resources are made, not in the importance of efficiency itself.

In a Planned Economy, the Concept of Efficiency Is