Examlex
Which of the following terms refers to the number of intermediaries that a product goes through before reaching the consumer?
Productive Efficiency
A situation in which an economy or entity is producing goods and services at the lowest possible cost, utilizing all its resources efficiently.
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences, with each good produced up to the point where the last unit provides a level of utility equal to its cost of production.
Productive Efficiency
A situation where goods and services are produced at the lowest possible cost and resources are utilized optimally.
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