Economists Define "Efficiency" as the Absence of Waste

question 29

True/False

Economists define "efficiency" as the absence of waste.

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Definitions:

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the public.

Output Market

The output market is the marketplace in which goods and services produced by firms are sold or exchanged, contrasting with input markets where firms buy resources needed for production.

Labor

The physical and mental effort used to produce goods and services.

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.