A key difference between equity and efficiency is that equity deals with _____ and efficiency focuses on _____.
A)equality; minimizing costs
B)minimizing costs; equality
C)maximizing welfare; fairness
D)fairness; maximizing economic surplus

Question

Quizplus · Accepted Answer

Equity is concerned with fairness and how resources are distributed among members of society, while efficiency is about maximizing economic surplus or output with given resources, aiming for the optimal use of those resources.

A Key Difference Between Equity and Efficiency Is That Equity