Efficiency Is Achieved

question 401

Multiple Choice

Efficiency is achieved

• A) when output is being produced at a point inside a production possibilities curve.
• B) when producers are getting the maximum possible output from the available resources.
• C) when consumers are able to buy everything that they want.
• D) when prices of all goods and services go to zero.

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Definitions:

JIT

Just-In-Time is a management strategy that aligns raw-material orders from suppliers directly with production schedules, aiming to minimize inventory costs and increase efficiency.

Suppliers

Entities that provide goods or services to another company as part of a supply chain, often contributing to the production or distribution process.