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To provide goods and services society feels desirable, governments often face a choice between equity and efficiency. Efficiency is a situation which a good or service is provided with minimum amount of waste, effort and expense. Equity means fairness to each according to his or her needs or everyone shares the total amount of goods and services the economic system provides [the social effort]. Do you believe a trade off among efficiency and equity is possible in the health care industry? Provide examples to support your answer.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91226523

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