An efficient allocation of resources maximizes:
a. consumer surplus minus producer surplus.
b. consumer surplus plus producer surplus.
c. consumer surplus.
d. producer surplus.
Efficient Allocation of Resources
In economics, one of the major problems in microeconomics is resource allocation. Since the resources are scarce, decisions have to be made on how to efficiently allocate them.
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fromChapter 9 / Lesson 8
Learn about the process of resource allocation in economics. Understand the benefits and challenges and determine the ideal method of resource allocation.