Describe efficiency from the perspective of an economist.
It is "the property of a resource allocation of maximizing the total surplus recieved by all members of society." Economic efficiency is when goods are produced at the lowest possible cost.
What was the most difficult concept in this chapter for you? Why?
The market equilibrium was the most difficult for me... I had a hard time understanding the graphs in Figure 7 and 8 and what all the lines, points, and shaded parts mean.
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