Efficiency Is Defined as

question 117

Multiple Choice

Efficiency is defined as

• A)the maximum consumption of goods.
• B)the production of goods and services.
• C)production of output at minimum cost.
• D)arriving at one's destination quickly.

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Definitions:

Price Ceiling

A government-imposed limit on the price charged for a product, intended to prevent the price from rising to a certain level.

Maximum Price

A price ceiling set by a government or regulatory body, above which a particular good or service cannot be sold.

Government

The governing body of a nation, state, or community which is responsible for making and enforcing laws and managing public resources and affairs.

Rationing Mechanism

a system or policy by which scarce goods or services are distributed.