It Is Widely Accepted That the Effective Design and the Efficient

question 24

True/False

It is widely accepted that the effective design and the efficient operation of services are paramount to the health of the U.S.economy.

---

Definitions:

Productive Efficiency

Productive efficiency occurs when an economy or entity produces goods and services at the lowest possible cost, utilizing all available resources without waste.

MB = MC

The principle that optimal decision-making is achieved when the marginal benefit equals the marginal cost.

Unintended Consequences

Outcomes of a policy or action that were not foreseen or intended, often contrary to the original objectives.

Allocating Resources

The process of distributing available resources among various competing needs or projects in an efficient manner.