Examlex
You should tell subordinates how to carry out a specific goal because it increases innovation and decreases the potential for suboptimization of resources.
Output
The total amount of products or services produced by a company or economy in a given period.
Efficiency
The measure of how well resources are used and allocated to achieve a specific outcome with minimal waste.
Patent
A legal right granted to an inventor or assignee, giving them exclusive rights to manufacture, use, or sell an invention for a certain number of years.
X-inefficiency
This occurs when a firm does not produce output at the lowest possible cost due to inefficiencies within the organization.
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