Define productive efficiency. Does productive efficiency imply allocative efficiency. Explain.

Define productive efficiency. Does productive efficiency imply allocative efficiency. Explain.

Productive efficiency is an economy level in which the production of goods or services

cannot increase without reducing the production level of another product. With production
efficiency, it becomes possible to keep the economy of a country at the desired level, ensuring
the set goals are achieved. Different institutions and organizations such as banks, governments,

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