the production of the best or optimal combination of outputs by means of the most efficient combination of inputs is known as what
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Definition of Productive efficiency
Productive efficiency is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost. To be productively efficient means the economy must be producing on its production possibility frontier.
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Definition of Productive efficiency
Productive efficiency is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost. To be productively efficient means the economy must be producing on its production possibility frontier.
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