The Point at Which for Any Mix of Inputs That

question 69

Multiple Choice

The point at which for any mix of inputs that will produce a given output, no more of any one input is used than is absolutely necessary is called:

• A)Input trade-off efficiency
• B)Technical efficiency
• C)Total productive efficiency
• D)Productivity

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Definitions:

Pepsi

A global brand of carbonated soft drinks produced and manufactured by PepsiCo.

Marginal Utility

The extra pleasure or advantage gained by using an additional unit of a product or service.

Total Utility

The total satisfaction or benefit received by consuming a product or service.

Budget Line

A graphical representation showing all possible combinations of two goods or services that a consumer can afford with their income, given the prices of the goods.