x-efficiency

Definition

The ability of a firm to get maximum output from its inputs. Failure to do so, called X-inefficiency or technical inefficiency, may be due to lack of incentives provided by competition. Improvement in X-efficiency is one hypothesized source of gain from trade. Term is due to Leibenstein (1966).

Use x-efficiency in a sentence

You should do your best to always be running at x-efficiency so that you know you are getting the most you can.

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They had x-efficiency in their firm and that meant that everything was working well and would be working together well too.

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We achieved a level of x-efficiency that was admirable to others in the industry and that had earned some nice bonuses for those at the top.

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