Production Efficiency Means That

question 132

Multiple Choice

Production efficiency means that

• A) scarcity is no longer a problem.
• B) producing more of one good is possible only if the production of some other good is decreased.
• C) as few resources as possible are being used in production.
• D) producing another unit of the good has no opportunity cost.

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Definitions:

Trade Barriers

Measures imposed by governments to restrict or control international trade, often to protect domestic industries.

Organizational Culture

The shared values, beliefs, and norms that influence the behavior of individuals within an organization.

Values

Core beliefs or standards that guide behavior and decision-making within an organization or individual.

Licensing

A business arrangement in which one company gives another company permission to manufacture its product for a specified payment.