Efficient production implies that it is:
A) possible to produce more of all goods and services.
B) it is possible to produce more of one good without producing less of another.
C) not possible to produce more of one good without producing less of another good.
D) producing at a combination of goods which lies between the production possibilities curve and the origin.

Question

Quizplus · Accepted Answer

Efficient production means the economy is operating on its production possibilities frontier (PPF), where producing more of one good requires sacrificing some amount of another good due to limited resources. This is the concept of opportunity cost.

Efficient Production Implies That It Is