Economic efficiency is sometimes referred to as _____.
A)social welfare
B)Pareto optimality
C)equity
D)relative efficiency

Question

Quizplus · Accepted Answer

Economic efficiency is achieved when resources are allocated in a way that maximizes overall societal welfare or utility. Pareto optimality means that resources are allocated in a way that no one can be made better off without someone else becoming worse off. Therefore, B is the best choice. A, C, and D are either incorrect or do not directly relate to the concept of economic efficiency.

Economic Efficiency Is Sometimes Referred to as _____