Economic efficiency
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Please help answer the following microeconomic questions.
How does the problem of limited and bundled choice relate to economic efficiency? Why are public bureaucracies alleged to be less efficient than private enterprises?
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Solution Summary
Solution clearly explains what Economic efficiency is and how limited and bundled choice relate to economic efficiency and also discusses why public sector is alleged to be less efficient than private sector. The explanation is given in 313 words.
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Problems: How does the problem of limited and bundled choice relate to economic efficiency? Why are public bureaucracies alleged to be less efficient than private enterprises?
Solution:
Economic efficiency is a term typically used in microeconomics when discussing product. Production of a unit of good is considered economically efficient when that unit of good is produced at the lowest possible cost.
A key point to understand is the idea that economic efficiency occurs "when the cost of producing a given output is as low as possible". ...
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