Which of the Following Statements Is True? I

question 202

Multiple Choice

Which of the following statements is true? I. A firm that is not economically efficient does not maximize profit.
II) Economic efficiency depends on the relative costs of resources.
III) A technological efficient firm is also economically efficient.

• A) I only
• B) II only
• C) II and III
• D) I and II

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Definitions:

Failure Rate

The frequency at which an engineered system or component fails, expressed in failures per unit of time. It is often used to analyze the reliability of products.

New Products

Items that a company offers to the market for the first time, ranging from entirely new inventions to updates or modifications of existing products.

Product Launch

A product launch refers to the process of introducing a new product into the market, involving a series of promotional activities designed to generate awareness and interest among potential customers.

Political Office

A position of authority within a government organization that is acquired through an electoral process or appointment.