The Distinction Between Efficiency and Equality Can Be Described as Follows

question 148

Multiple Choice

The distinction between efficiency and equality can be described as follows:

• A)Efficiency refers to maximizing the number of trades among buyers and sellers; equality refers to maximizing the gains from trade among buyers and sellers.
• B)Efficiency refers to minimizing the price paid by buyers; equality refers to maximizing the gains from trade among buyers and sellers.
• C)Efficiency refers to maximizing the size of the pie; equality refers to producing a pie of a given size at the least possible cost.
• D)Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.

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Definitions:

Triadic Reciprocal Causation

A concept in psychology that explains human behavior through the interaction of behavioral, cognitive, and environmental factors.

Operant Learning Theory

A theory of learning that emphasizes the role of reinforcement and punishment in shaping behavior through a process known as operant conditioning.

Performance Feedback

The process of providing employees with information and assessments regarding their job performance, often with the aim of encouraging improvement.

Verbally

Pertaining to words or the use of words in communication; often implying oral or spoken communication though it can include written words.