Technical efficiency is achieved when a firm produces
A) At an amount indicated by a point on the production function.
B) Below the opportunity cost for the resources it uses.
C) Enough output to cover the opportunity cost of resources.
Correct Answer:
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Q5: Which of the following is a factor
Q6: A production function shows the
A)Minimum amount of
Q7: Labor productivity will increase in response to
A)Lower
Q8: The short-run production function shows how output
Q9: Which of the following statements is not
Q11: Ceteris paribus,the law of diminishing returns states
Q12: A production function shows
A)How a firm's production
Q13: Diminishing returns occur because
A)Of inefficiency in the
Q14: Which of the following is the slope
Q15: The period in which at least one
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