An Outcome Is Said to Be Efficient If an Economy

question 170

True/False

An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society.

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Definitions:

Units of Output

The measurable amount of goods or services produced by a company or industry.

Internal Economies of Scale

cost advantages that a firm obtains due to expansion, leading to a decrease in the average cost per unit.

Plant

A facility where goods are produced or processed, also referring to the physical capital in production.

Firm

An organization that sells goods or services in order to make a profit.