Which Statement Is TRUE Regarding Production Efficiency

question 315

Multiple Choice

Which statement is TRUE regarding production efficiency?

• A) Efficiency and cost are unrelated concepts.
• B) Production efficiency is independent of the type of technology used.
• C) Producing at the lowest possible resource cost is equivalent to getting as much output as possible from a given set of resources.
• D) The most economically efficient production technology is not always the cheapest.

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