What Is the Term for Production of a Product at the Lowest

question 98

Multiple Choice

What is the term for production of a product at the lowest possible average cost?

• A)Allocative efficiency.
• B)Productive efficiency.
• C)Marginal efficiency.
• D)Optimal efficiency.

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Definitions:

Short Term Debt

Refers to any financial obligation that is due for repayment within one year.

Interest Rate

The portion of a loan subject to interest fees for the borrower, typically indicated as an annual percentage of the remaining loan principal.

Paid Now

A term indicating an immediate payment or settlement of a transaction.

Rate Of Return

How much an investment's value has grown or shrunk over an agreed-upon time, expressed as a percent of its original price.