Which of the following statements is true?
A) Many different production processes can be economically efficient, but only the method that involves the lowest possible cost is technically efficient.
B) Many different production processes can be technically efficient, but only the method that involves the lowest possible cost is economically efficient.
C) There is only one production process that is technically efficient, and this process is also economically efficient.
D) There are many production processes that are both technically and economically efficient, but only one of these involves the lowest possible cost.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is true?
A) Many different production processes can be economically efficient, but only the method that involves the lowest possible cost is technically efficient.
B) Many different production processes can be technically efficient, but only the method that involves the lowest possible cost is economically efficient.
C) There is only one production process that is technically efficient, and this process is also economically efficient.
D) There are many production processes that are both technically and economically efficient, but only one of these involves the lowest possible cost.

Which of the Following Statements Is True