when a market allocation of resources maximizes the total surplus received by all members of society we say there is

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25-10-2021
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when a market allocation of resources maximizes the total surplus received by all members of society we say there is

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ayfat23 ayfat23 · Answer 1 · 2021-11-05T11:01:21+01:00

Whenever there is maximization of total surplus that is been received by those that are part of society by market allocation of resources then there is market Efficiency.

Economic efficiency can be regarded as economic state whereby there is allocation of resource to serve each individual or entity in way that everyone is satisfied while minimizing waste and inefficiency.

Therefore, When there is an economy efficiency, there would be maximization of total surplus.

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