Economics for Management and Public Policy

Economics for Management and Public Policy Explain the neoclassical notion of efficiency. It can be argued that the neoclassical notions of "efficiency" and "inefficiency" are crucially determined by the underlying theories of competition. Explain. Can you think of other notions of "efficiency" and "inefficiency"? [Please note: you are not expected to explain basic variables such as marginal revenue, marginal costs etc.].