Question $12(2$ points$)$The terms equality and efficiency are similar in that they both refer to benefits to society. However, they are different in thatequality refers to uniform distribution of those benefits and efficiency refers to maximizing benefits from scarceresources.equality refers to maximizing benefits from scarce resources and efficiency refers to uniform distribution of those benefits.equality refers to everyone facing identical tradeoffs and efficiency refers to the opportunity cost of the benefits.equality refers to the opportunity cost of the benefits and efficiency refers to everyone facing identical tradeoffs.Question $13(2$ points$)$Total cost is theamount a firm receives for the sale of its output.fixed cost less variable cost.market value of the inputs a firm uses in production.quantity of output minus the quantity of inputs used to make a good.