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What do you mean by efficiency? - Economics

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Question

What do you mean by efficiency?

Very Short Answer
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Solution

It refers to a situation in which it is not possible to reallocate available resources so as to produce more of some goods without less of other goods.

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Chapter 5: Basic Problems of An Economy - QUESTION BANK [Page 82]

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J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 5 Basic Problems of An Economy
QUESTION BANK | Q 14. | Page 82
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