Does efficiency necessarily mean equity/fairness? Draw a diagram of an economic pie to illustrate the difference...

Does efficiency necessarily mean equity/fairness? Draw a diagram of an economic pie to illustrate the difference between the two concepts of efficiency and equity. If multiple efficiency points exist, could some be fairer than others? Is equity/fairness always sacrificed when moving from a less to a more efficient point? Talk about winners and losers and compensation.

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Rahul Sunny answered 1 year ago

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