Any increase in efficiency increases only profits of producers, with no increase in output.

Name: Any increase in efficiency increases only profits of producers, with no increase in output.
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

An increase in efficiency can lead to both an increase in profits and an increase in output, as producers are able to produce more goods or services with the same amount of resources. This can result in lower prices for consumers, which may increase demand and ultimately lead to further increases in output.

Any Increase in Efficiency Increases Only Profits of Producers, with No