In the figure at right, label curves A and B respectively, 
Definitions:
Efficient Market
A market in which profit opportunities are eliminated almost instantaneously.
Production Inefficiencies
Occur when goods and services are not produced in the least costly way, often due to waste or misallocation of resources.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs, highlighting the trade-offs in production choices.
Fully Employed
A situation in which all available labor resources are being used in the most economically efficient way.
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