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Economic Efficiency
The optimal distribution of resources to meet the needs and wants of a society, minimizing waste and maximizing value.
Productive Efficiency
A situation in which a firm or economy produces goods at the lowest possible cost, utilizing all available resources efficiently.
Allocative Efficiency
A state of the market where resources are allocated in a way that maximizes total consumer and producer surplus.
Oligopolistic Industry
A market structure characterized by a small number of firms dominating the industry, leading to limited competition.
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