Technological efficiency means that
A) technology is constantly improving in this industry
B) there are economies of scale in this industry
C) the same inputs could not be purchased at a lower cost
D) the same output could not be produced with fewer resources
E) the same output could not be produced at a lower cost

Question

Quizplus · Accepted Answer

Technological efficiency means that the same output could not be produced with fewer resources, which implies maximum output with minimum input.

Technological Efficiency Means That