Answer:
a) Efficiency deals with the size of the economic pie, and equality deals with how fairly the pie is sliced.
Explanation:
In his book; Principles of Microeconomics (Fourth Edition), Gregory Mankiw explains that;
Efficiency refers to how well a society can maximize the benefits it derives from its scarce resources. The "economic pie" in this instance refers to those benefits that can be gotten by the society. A highly efficient society will get more benefits (a larger sized pie), than a society that is not as efficient.
Equity on the other hand refers to how fairly those benefits are distributed among members of the society.
Your answer is state ownership Objective
answer: check explanation
Explanation:
Price searcher market are firms with some control over price, and some product differentiation.
Price searchers face a downward-sloping demand curve
The traditional view of price searcher market which holds that the market is inefficient is that;
(1). There are too few firms to reach an efficient level of competition, therefore,
excessive advertising is encouraged.
(2). Also, consumers are not allowed a sufficient amount of choice in which to express their individual preferences therefore, excessive advertising is encouraged
