The Point at Which for Any Mix of Inputs That

question 69

Multiple Choice

The point at which for any mix of inputs that will produce a given output, no more of any one input is used than is absolutely necessary is called:

• A)Input trade-off efficiency
• B)Technical efficiency
• C)Total productive efficiency
• D)Productivity

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Definitions:

Relevant Inputs

Factors or resources that directly impact the production process or decision-making in a specific context.

Decreasing-cost Industry

An industry where the cost per unit of output decreases as the scale of production increases.

Long-run Equilibrium Price

The price level at which the quantity supplied equals the quantity demanded, achieved over a period where all inputs can be varied by producers.

Increase in Demand

A situation where there is a rise in consumers' desire to purchase goods or services, leading to higher quantity demanded at every price level.