Which of the following is a CORRECT statement?
A) Economic efficiency definitely occurs when a firm cannot increase production without using more resources.
B) Technological efficiency depends on the costs of resources while economic efficiency depends on only production methods.
C) Technological efficiency depends only on production methods, while economic efficiency depends on the costs of resources.
D) all of the above

Question

Quizplus · Accepted Answer

Technological efficiency is about using the least amount of resources to produce a given output, while economic efficiency considers both the production methods and the costs of resources to achieve the lowest cost of production.

Which of the Following Is a CORRECT Statement