1 Two conditions must be met to achieve economic efficiency: (a) All activities that produce more benefits...

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1 Two conditions must be met to achieve economic efficiency:

(a) All activities that produce more benefits than costs for the individuals within an economy must be undertaken, and

(b) activities that generate more costs to the individuals than benefits must not be undertaken. If only the buyer and seller are affected, production and exchange in competitive markets are consistent with the ideal-efficiency criteria.

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Essentials Of Economics

ISBN: 396414

2nd Edition

Authors: James D Gwartney; Richard Stroup; J R Clark

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Question Posted: Oct 25, 2024 10:05 AM

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1 Two conditions must be met to achieve economic efficiency: (a) All activities that produce more benefits...

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Essentials Of Economics

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