Economic Efficiency Entails

question 35

Multiple Choice

Economic efficiency entails

• A) producing a given amount of output with the most expensive mix of inputs.
• B) producing a given amount of output with the least number of inputs.
• C) producing a given amount of output with the most inputs.
• D) producing a given amount of output with the cheapest mix of inputs.

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Definitions:

Society Gains

The benefits or improvements experienced by members of a society from economic, social, or environmental changes.

Subsidies

Financial support that governments provide to businesses, individuals, or other governmental entities, usually aimed at economic benefits or promoting certain activities or products.

Ethanol

A biofuel produced from various plant materials, commonly used as a renewable alternative to gasoline.

Market

A place or situation in which buyers and sellers engage in the exchange of goods and services.