The idea that an action should be undertaken if and only if the benefits exceed the costs is known as the concept of
A) economic efficiency.
B) public welfare maximization.
C) marginal comparative advantage.
D) monetary construction of values.

Question

Quizplus · Accepted Answer

The concept of economic efficiency involves undertaking an action if the benefits exceed the costs, ensuring resources are allocated in the most effective way.

The Idea That an Action Should Be Undertaken If and Only