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Economic efficiency is something much more than producing goods at the lowest possible cost. In involves providing individuals with the goods and services they desire, in the quantities, qualities, places, and times they desire them, with the least use of society's scarce resources. Economists argue that if markets are competitive, if accurate information is available, if resources are mobile, and if individuals engaging in the transactions bear the full costs and receive the full benefits of their transactions, economic efficiency will be achieved.
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