The idea of efficiency often arises when measuring a society's well-being. there are two kinds of efficiency: productive efficiency and allocative efficiency.

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Scott Morken · Answer 1 · 2018-12-18T19:38:57+0000

Productive efficiency: Industry output is produced at lowest possible total cost to society. Allocative efficiency: Optimal levels of all goods are produced and sold to consumers who value them most.

The idea of efficiency often arises when measuring a society's well-being. there are two kinds of efficiency: productive efficiency and allocative efficiency.

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