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Unformatted text preview: The condition where less than the maximum output is produced with given resources and technology. Productive inefficiency implies that more of one good can be produced without any less of another good being produced. Technology-The body of skills and knowledge concerning the use of resources in production. An advance in technology commonly refers to the ability to produce more output with a fixed amount of resources or the ability to produce the same output with fewer resources....
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This note was uploaded on 04/07/2008 for the course ECON 402 taught by Professor Saha during the Spring '08 term at New Hampshire.
- Spring '08