The Most Desirable Combination of Output Attainable with Available Resources,technology

question 134

Multiple Choice

The most desirable combination of output attainable with available resources,technology and social values is known as the:

• A) Economic choice of output.
• B) Efficient choice of production.
• C) Preferred output choice.
• D) Optimal mix of output.

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Definitions:

Expansion

The increase in the scale of production or operation by a company, often involving larger facilities, workforce, and entering new markets.

Aggregate Demand

The all-inclusive demand for products and services within an economic framework, priced at a specific level throughout a determined timeframe.

Long Run

A period during which all factors of production and costs are variable, allowing for full adjustment to changes.

Long-Run Equilibrium

A state in which all inputs and outputs in an economy are fully adjusted so that there is no tendency for change.