Economists define efficiency as
A)output maximization.
B)the absence of waste.
C)input maximization.
D)the presence of surplus.

Question

Quizplus · Accepted Answer

Efficiency is achieved when there is no waste or resources are used in the most optimal way possible, which means that input maximization (using more resources than necessary) or output maximization (producing more than necessary) would not be considered efficient. The presence of surplus does not indicate efficiency by itself, as it could be the result of factors such as low demand rather than optimal resource use.

Economists Define Efficiency as