Answer to Question #276592 in Economics for Nick

Question #276592

The salary of the highest-paid footballer could buy the services of 1,000 doctors or 2,000 lecturers. This is evidence that A the market economy is highly inefficient. B the market economy is highly efficient. Which of the above (A or B) is true and why?

Expert's answer

This is evidence that B the market economy is highly efficient.

It means that there is a market economy, where the prices and salaries are determined by market mechanism.

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