What is meant by technological efficiency in production?
A)Using the latest available technology in production
B)Producing the maximum possible output from given inputs
C)Using the least number of inputs in production
D)Minimizing the cost of production

Question

Quizplus · Accepted Answer

Technological efficiency in production refers to producing the maximum possible output from a given set of inputs. This means that the business is using its resources, including technology, to the fullest extent possible to maximize productivity and output. While using the latest available technology may increase efficiency, it is not the only factor considered in technological efficiency. Similarly, minimizing costs or using the least number of inputs may not result in maximum output, which is the ultimate goal of technological efficiency.

What Is Meant by Technological Efficiency in Production