What Does Productive Efficiency Mean

question 78

Multiple Choice

What does productive efficiency mean?

• A)A product is being produced at the lowest possible short-run average cost but not necessarily at the lowest long-run average costs.
• B)A product is being produced at the lowest possible long-run average cost but not necessarily at the lowest short-run average costs.
• C)A product is being produced at the lowest possible short- and long-run average costs.
• D)A product is being produced at the lowest possible marginal costs.

---

Definitions:

Independent

Not influenced or controlled by others in terms of opinions or actions; in statistics, variables not affected by any other variables.

Standard Deviation

A measure of the dispersion or variability of a set of values, indicating how spread out the values are from the mean.

Standard Deviation

A statistical measure that quantifies the dispersion or variability of a data set around its mean, indicating how spread out the data points are.

Mean Weight

Mean weight refers to the average weight calculated by dividing the sum of all weights in a set by the number of weights.