The Distinction Between Efficiency and Equity Can Be Described as Follows

question 116

Multiple Choice

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

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

---

Definitions:

Cooperative

An organization owned and operated for the benefit of those using its services, with members having a democratic control.

Value-Based Marketing

A marketing strategy focusing on providing products or services based on values that customers find important, often related to ethical, environmental, or social concerns.

Consumer's Point

The perspective or standpoint of the consumer, concerning their preferences, opinions, and behaviors towards products or services.

Entire Business Process

The comprehensive set of end-to-end activities and tasks involved in creating and delivering a product or service to customers.