The property of society getting the most it can from its scarce resources is called:

• A. Equilibrium
• B. Productivity
• C. Efficiency
• D. Equality

Answer: (C)

Verified step by step guidance

1. Understand the key terms given in the problem: Equilibrium, Productivity, Efficiency, and Equality, as they relate to microeconomics concepts.
2. Recall that 'Efficiency' in economics refers to the optimal use of scarce resources to maximize the production of goods and services, meaning society gets the most it can from its resources.
3. Recognize that 'Equilibrium' refers to a state where supply equals demand, not necessarily about resource allocation efficiency.
4. Note that 'Productivity' measures output per unit of input but does not directly address the overall allocation of resources in society.
5. Understand that 'Equality' relates to the fairness of resource distribution, which is different from maximizing total output or resource use.