Efficiency Means

question 54

Multiple Choice

Efficiency means:

• A) producing the desired result.
• B) producing goods and services using the least amount of resources.
• C) the amount of output you generate given the amount of input.
• D) the buying and selling of goods using the most amount of resources.

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Definitions:

Inelastic Demand

A situation where the demand for a product does not change significantly with a change in the price of that product.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, typically because consumers will choose higher quality substitutes when they can afford them.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period, typically showing a downward slope from left to right.