Producing a given quantity of output at the lowest possible cost and lowest marginal cost is called:
A)minimizing production.
B)marginal minimization.
C)efficient production.
D)efficiency surplus.

Question

Quizplus · Accepted Answer

Efficient production involves producing a given quantity of output at the lowest possible cost and lowest marginal cost, making it the best choice for businesses looking to maximize their profits. Minimizing production and marginal minimization do not necessarily result in the lowest cost production, while efficiency surplus is not a recognized term in economics.

Producing a Given Quantity of Output at the Lowest Possible