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TECHNICAL EFFICIENCY: Getting the most production from available resources. This term needs to be contrasted with a similar term allocative efficiency. You might want to check out the more general term of efficiency while you're at it. Technical efficiency simple means that you do the best job possible of combining resources to make a good . You don't waste material inputs. You don't have workers standing idly around waiting for spare parts. In essence, you produce a good at the lower possible opportunity cost.
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OLIGOPOLY, CHARACTERISTICS The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know it so it goes on flying anyway. " -- Mary Kay Ash, entrepreneur
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ITO
International Trade Organization
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