Economic Efficiency Occurs When the Firm Produces a Given Output

question 167

Multiple Choice

Economic efficiency occurs when the firm produces a given output

• A) by using the least amount of inputs.
• B) by using the maximum amount of inputs.
• C) at the least cost.
• D) at the greatest cost.

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Definitions:

Postpone Taxes

A financial strategy that seeks to delay the payment of income taxes on earnings through various tax-advantaged accounts or investments.

401k Plans

Retirement savings plans sponsored by employers that allow employees to save and invest a piece of their paycheck before taxes are taken out.

403b Plans

Tax-deferred retirement savings plan available for public education organizations, some non-profit employers, and self-employed ministers.

Tax Penalty

An additional charge imposed by the tax authority on a taxpayer for not meeting tax obligations or for errors in a tax return.