Economic Efficiency Entails Producing a Certain Output with the Minimum

Economic efficiency entails producing a certain output with the minimum number of units of inputs.Difficulty: 02 Medium
Learning Objective: 02-03 Explain how the market system answers the five fundamental questions of what to produce, how to produce, who obtains the output, how to adjust to change, and how to promote progress.Test Bank: II Topic: Five Fundamental Questions