Examlex
An operating characteristic curve is based on a ________ probability distribution.
Efficient
Achieving maximum productivity with minimum wasted effort or expense; in economics, an allocation of resources in which it is impossible to make any one individual better off without making someone else worse off.
Inefficient
Refers to a situation where resources are not used in the most effective way, leading to waste or suboptimal outcomes.
Efficient Production
The process of producing goods or services in a way that minimizes waste and maximizes the use of resources.
Circular-flow Diagram
An economic diagram that traces the path of monetary transactions between markets, involving both households and business entities.
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