Technical Efficiency Is Achieved When a Firm Produces

question 136

Multiple Choice

Technical efficiency is achieved when a firm produces

• A)At an amount indicated by a point on the production function.
• B)Below the opportunity cost for the resources it uses.
• C)Enough output to cover the opportunity cost of resources.
• D)An amount less than or equal to the production function.

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Definitions:

Series E Bonds

Government bonds issued at a discount and meant for investors as a savings product, no longer available for purchase.

Maturity Date

The specified date on which the final payment of a loan or financial instrument is due to be paid in full.

Cash Method

An accounting method where revenues and expenses are recognized at the time cash is received or paid out.

Record Income

The total income reported by an individual or entity for a specific period, usually for tax purposes.