Efficiency is:
A) defined as the time it takes to produce a product.
B) the quantity of inputs required to produce an output.
C) independent of customers' perception of a product's value.
D) measured by looking at a product's price.
E) lower when the output is high-quality.

Question

Quizplus · Accepted Answer

Efficiency is the ratio of output to input. It measures the quantity of inputs required to produce an output. Options A, C, D, and E do not define or relate to efficiency in the context of production.

Efficiency Is