Technological Efficiency Necessarily Means Producing

question 278

Multiple Choice

Technological efficiency necessarily means producing

• A) at minimum cost.
• B) with the highest level technology available.
• C) without using more inputs than necessary.
• D) technology itself.

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Definitions:

Breakeven Point

The financial state where total costs and total revenues are equal, meaning no net loss or gain is experienced by the business.

SCORE Chapter

A local branch of SCORE, a nonprofit association dedicated to helping small businesses get off the ground, grow, and achieve their goals through education and mentorship.

College

An educational institution or establishment, especially one providing higher education or specialized professional or vocational training.

University

An institution of higher education and research, which awards academic degrees in various disciplines.