The Term Productive Efficiency Refers to

question 148

Multiple Choice

The term productive efficiency refers to

• A) any short-run equilibrium position of a competitive firm.
• B) the production of the product mix most desired by consumers.
• C) the production of a good at the lowest average total cost.
• D) fulfilling the condition P = MC.

---

Definitions:

Contingency Table

A table often used in statistics to display the frequency distribution of variables, enabling a visual inspection of the relationship between them.

Qualitative Variables

Variables that express descriptive or categorical attributes and cannot naturally be represented by a numerical value.

Chi-Square Test

The Chi-Square Test is a statistical test used to determine if there is a significant difference between expected frequencies and observed frequencies in one or more categories.

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution or to the final calculation of a statistic without violating any constraints.