The distinction between efficiency and equality can be described as follows:
A) Efficiency refers to maximizing the number of trades among buyers and sellers; equality refers to maximizing the gains from trade among buyers and sellers.
B) Efficiency refers to minimizing the price paid by buyers; equality refers to maximizing the gains from trade among buyers and sellers.
C) Efficiency refers to maximizing the size of the pie; equality refers to producing a pie of a given size at the least possible cost.
D) Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.