Technical Efficiency Is Achieved When a Firm Produces

question 19

Multiple Choice

Technical efficiency is achieved when a firm produces

• A)At an amount indicated by a point on the production function.
• B)Below the opportunity cost for the resources it uses.
• C)Enough output to cover the opportunity cost of resources.

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Definitions:

Systematic Desensitization

A therapy technique used to treat phobias and anxiety, involving gradual exposure to the feared object or situation while practicing relaxation techniques.

Phobia of Closed Spaces

A phobia of closed spaces, commonly known as claustrophobia, is an anxiety disorder characterized by an irrational fear of being confined in small or enclosed spaces.

Cognitive Therapy

A form of psychotherapy that emphasizes the role of thinking in how we feel and in what we do, aimed at changing negative patterns of thought.

Major Depressive Disorder

A mental disorder characterized by a persistent and intense feeling of depression that affects how a person feels, thinks, and handles daily activities.