Technically inefficient points are points in the production set but not on the production function.

Question

Quizplus · Accepted Answer

Technically inefficient points refer to points in the production set that are not feasible to produce given the available resources and technology. These points are not on the production function, which represents the maximum output that can be produced using the given inputs. Therefore, the statement is true.

Technically Inefficient Points Are Points in the Production Set but Not