What term describes when a firm is using the least-cost production process?
A)Agency efficiency
B)Technical efficiency
C)Lean compliant
D)Economizing
E)Six sigma compliant

Question

Quizplus · Accepted Answer

Technical efficiency refers to a situation where a firm is using the least amount of inputs to produce a given level of output, or equivalently, producing the maximum output from a given set of inputs, which aligns with the concept of using the least-cost production process.

What Term Describes When a Firm Is Using the Least-Cost