Question

Which of the following is a key feature of welfare economics?

• A. Focus on market efficiency only
• B. Maximization of social welfare
• C. Promotion of monopolies in the market
• D. Elimination of government intervention

Answer 1

Answer:

B. Maximization of social welfare

A fundamental principle of welfare economics is the maximization of social welfare, which involves evaluating how resources can be allocated in a way that enhances the overall well-being of society.