Economic inefficiency refers to a situation where "we could be doing a better job," attaining our goals at lower cost. It is the opposite of economic efficiency. In the latter case, there is no way to do a better job, given the available resources and technology.
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Economic inefficiency refers to a situation where "we could be doing a better job," attaining our goals at lower cost. It is the opposite of economic efficiency. In the latter case, there is no way to do a better job, given the available resources and technology.
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Define economic inefficiency?
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