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Which of these BEST explains why an increase in economic efficiency seldom makes everyone happy? Increased efficiency usually makes everyone worse off instead of better
Which of these BEST explains why an increase in economic efficiency seldom makes everyone happy? Increased efficiency usually makes everyone worse off instead of better off. Increased efficiency always makes everyone better off, but some people are not satisfied with the economic benefits they receive. While increased efficiency usually makes society better off, there is never the potential for it to make everyone better off. Efficiency increases as long as the gain in economic surplus to those who are helped is larger than the loss in economic surplus to those who are harmed.Two manufacturers of t-shirts are selling shirts for $10 each. The marginal cost for the first firm is $11, and the marginal cost for the second firm is $9. What should the companies do to increase economic surplus? The first firm should produce less, but the second firm should produce more. The first firm should produce more, but the second firm should produce less. Both firms should produce less. Both firms should produce more
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