Examlex
How many carpal bones are found in the wrist?
Allocative Efficiency
A state of the market where resources are allocated in a way that maximizes the net benefit to society.
Productive Efficiency
Productive efficiency occurs when an economy is operating at its maximum capacity, producing goods and services at the lowest possible cost per unit.
Marginal-Cost-Marginal-Benefit Rule
The marginal-cost-marginal-benefit rule states that optimal decision-making occurs when the marginal cost of an action equals its marginal benefit, ensuring efficient resource allocation.
Optimal Project Size
The most efficient scale of a project, considering factors like cost, resources, and expected benefits, to achieve the best possible outcome.
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