Efficiency within economics focuses on
A) how well resources are used and allocated.
B) the fairness of various policies.
C) how quickly a task can be completed.
D) calculations of opportunity cost.

Question

Quizplus · Accepted Answer

Efficiency within economics is concerned with how well resources are used and allocated, in order to maximize output with minimum input. This involves minimizing waste and ensuring that resources are directed towards their most productive use.  The other choices, such as fairness, speed, and opportunity cost, are important concepts within economics but do not directly relate to efficiency.

Efficiency Within Economics Focuses on