An economic outcome is said to be efficient if the economy is
A)using all of the scarce resources it has available.
B)conserving on resources,rather than using all available resources.
C)getting all it can get from the scarce resources it has available.
D)able to produce more than what is currently being produced without additional resources.

Question

Quizplus · Accepted Answer

An economic outcome is efficient if it is getting all it can get from the scarce resources it has available. This means using the resources in the most productive way possible in order to maximize output. If the economy were conserving on resources, it would not be achieving its full potential. If the economy were able to produce more without additional resources, it would not be operating at maximum efficiency as it would imply that there are unused resources.

An Economic Outcome Is Said to Be Efficient If the Economy