_____ is obtaining output for the lowest possible cost.

Name: _____ is obtaining output for the lowest possible cost.
Brand: Quizplus
Rating: 4.8 (55 reviews)

Question

Quizplus · Accepted Answer

Productive efficiency occurs when a firm or economy is producing at the lowest possible cost, meaning it cannot produce more of one good without increasing the cost of production or reducing the production of another good. This involves using resources and technologies in the most efficient way to minimize costs.

_____ Is Obtaining Output for the Lowest Possible Cost