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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Answer: False, career selection should not be based on salary alone.
Explanation: When choosing a career it is important to consider several aspects such as your abilities to perform the task the job requires and how much you would enjoy the job.
Forging is the process of applying thermal and mechanical energy to steel billets or ingots to result into a changed shape of the material while in a solid state. The raw material is solid metal in this case.