xLet's start this Application Exercise by examining what the Department of Economics and Statistics said and tying it to our course material. From the course text, which of these defines/explains efficiency? All of these For a situation, it is impossible to change things so as to make one person better off without making another person worse off. For production, it is not possible to produce more output using the same combination of inputs For production, it is not possible to produce the same amount of output using a lower-cost combination of inputs