Figure 2-3

-Refer to Figure 2-3.Inefficient production is represented by which point or points?

Name: Figure 2-3 -Refer to Figure 2-3.Inefficient production is represented by which point or points?
Brand: Quizplus
Rating: 4.8 (47 reviews)

Question

Figure 2-3
 
-Refer to Figure 2-3.Inefficient production is represented by which point or points?

Quizplus · Accepted Answer

Inefficient production occurs when a firm is not producing at the lowest possible cost for a given output level. In Figure 2-3, point D represents inefficient production because the firm is producing at a higher cost than necessary to produce the same output level.

Figure 2-3 -Refer to Figure 2-3.Inefficient Production Is Represented by Which Point