Which of the Following Statements Is Correct

question 186

Multiple Choice

Which of the following statements is correct?

• A) Technological efficiency depends on the relative costs of resources.
• B) Economic efficiency occurs when the firm produces a given output at the least cost.
• C) A firm can be economically efficient without being technologically efficient.
• D) Economic efficiency depends only on production methods.

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Definitions:

Necessary

A requirement or need for a particular purpose or reason.

THINK Technique

A strategy or process designed to help individuals make thoughtful and informed decisions or reactions, emphasizing thoughtful consideration before acting.

Inspiring

Having the effect of motivating or encouraging someone to do something or to feel a certain way.

Prescription

An authorization written by a medical professional allowing a patient to be issued a medicine or treatment.