Efficiency refers to whether market outcome is fair

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Reference no: EM13860977

1. Efficiency refers to whether a market outcome is fair, whereas equality refers to whether the maximum amount of output was produced from a given number of inputs.

a. True

b. False

2. When a good is taxed, the tax revenue collected by the government equals the decrease in the welfare of buyers and sellers caused by the tax.

a. True

b. False

Reference no: EM13860977

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