Which of the Following Is CORRECT

question 66

Multiple Choice

Which of the following is CORRECT?

• A) If a firm is technologically efficient, it is always economically efficient.
• B) If a firm is technologically efficient, it is always producing at the lowest costs of production.
• C) If a firm is economically efficient, it is always technologically efficient.
• D) None of the above answers is correct.

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Definitions:

Sample Means

The average values calculated from samples, used as estimates of the population mean.

Variance

A measure of the dispersion or spread of a set of values, calculated as the average of the squared deviations from the mean.

Binomial Random Variable

A type of random variable that follows a binomial distribution, signifying the number of successes in a series of independent trials.

Normal Approximations

The use of the normal distribution to approximate the distribution of sample statistics for large sample sizes, even if the data itself is not normally distributed.