An outcome is said to be efficient if an economy is getting all it can from the scarce resources it has available.

Question

Quizplus · Accepted Answer

An outcome is considered efficient if it maximizes the total output produced with the given set of resources and technology, meaning no additional output can be obtained without increasing the amount of inputs. This implies that the economy is utilizing its scarce resources in the most effective manner possible.

An Outcome Is Said to Be Efficient If an Economy