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Doesn't productive efficiency (or any efficiency for that matter) vary per person? In other words, isn't it true that what one person believes is productively efficient, might not be productively efficient to another? If this is the case, how do we evaluate productively efficient (or efficient in general)?

From: Efficiency can mean many things to many people. Even in economics, there are different types of efficiency. Here we are discussing productive efficiency. An economy is productively efficient whenever it is producing the maximum output with given tech-nology and resources.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9497060

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