Is an efficient market allocation fair? Explain
It is not generally possible to define fairness when considering efficiency. Instead, economists focus on efficient outcomes. Markets respond to demand, which is based upon willingness and ability to pay. Therefore, persons with high income and high wealth get attention, and their desires are met in markets. Others must do without. Many see this as unfair, because "needs" are not addressed.
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What is a problem with barter that makes it so difficult to use?
A) Individuals have to produce something to trade with. B) Barter omits the store of value role for money. C) Barter requires use of only fiat money. D) Barter requires a double coincidence of wants. E) Barter is very efficient but illegal because it avoids taxation.
What is meant by the “economizing problem”?
Please provide the best answer for the statement.