Question

In economics, we generally discuss the tradeoffs between
a. Rationality vs Irrationality
b. Efficiency vs Equality
c. Cost vs Quantity
d. Open vs Closed​

Answer 1

Answer:

a is the correct answer

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Answer 2

In economics, the tradeoff between efficiency and equality is a fundamental concept.

Efficiency refers to the ability to produce goods and services using the minimum amount of resources, whereas equality refers to the distribution of those resources among members of society.

Efficiency often results in the concentration of wealth and income in the hands of a few, while equality seeks to ensure that everyone has an equal share of resources. Balancing these two goals is a central challenge for policymakers and economists, as they strive to create policies and systems that promote both efficiency and equality.

Other tradeoffs in economics include cost vs. quantity, which refers to the balance between producing goods at the lowest cost possible versus producing more goods to meet demand, and open vs. closed, which refers to the balance between domestic production and international trade.

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