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VMariaS [17]
3 years ago
9

​What is the relationship between total surplus and economic efficiency?

Business
1 answer:
mrs_skeptik [129]3 years ago
3 0

Answer: When total surplus gets maximized, then economy meet economic efficiency.

Explanation:

Economic efficiency is described as a thinking that there is one possible way to make situation better by imposing a cost on another.

Total surplus is described as the sum of producer and consumer surplus.

It gets maximized in a perfect competition (hit free-market equilibrium).

i.e. It gets maximized when both consumer and producer surplus is maximum, and then the economy meet economic efficiency.

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