Economic efficiency

situation in which nothing can be improved without something else being hurt

X-inefficiency is a concept used in economics to describe instances where firms go through internal inefficiency resulting in higher production costs than required for a given output. This inefficiency can result from various factors, such as outdated technology, inefficient production processes, poor management, and lack of competition, and it results in lower profits for the inefficient firm(s) and higher prices for consumers. The concept of X-inefficiency was introduced by Harvey Leibenstein. thumb|320x320px|The difference between the potential and actual cost is known as X-Inefficiency. In

business efficiency technique

economics theory

the instance or state of a public-transport vehicle or aircraft operating without passengers