Efficient Means That a Small Proportion of Total Resources Contributes

question 12

True/False

Efficient means that a small proportion of total resources contributes to productivity during the manufacturing process;inefficient means that a large proportion of resources contributes to productivity.

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Definitions:

Without Reserve

An auction term indicating that the item will be sold to the highest bidder, with no minimum price set.

Bidders

Individuals or entities that offer to purchase goods, services, or properties at a specified price during an auction or tender.

Sellers

Individuals or entities that offer products or services for sale to consumers or other businesses.

Unilateral Contracts

A contract in which one party makes a promise in exchange for an act by another party, which if performed, binds the offeror to the contract.