Exam Question
A production technique is technically efficient if
- 1. output is maximized
- 2. inputs are minimized
- 3. there is no way to make a given output using less of one input and no more of the other inputs
- 4. costs are minimized
View Answer
Answer 3. there is no way to make a given output using less of one input and no more of the other inputs
Practice set and Exam Quiz
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