A good is produced efficiently when it is produced:
A) at the lowest possible cost.
B) at the lowest possible quality.
C) with the smallest number of resources.
D) with equal amounts of the four factors of production.
Correct Answer:
Verified
Q61: Circular flow model. Q62: Which of the following statements about a Q63: In a pure market economy, individual buyers Q64: Application 2.1, "Saying No!"gives several cases where Q65: The least-cost method of production is the Q67: When deciding on a method of production, Q68: By producing its product using the least-cost Q69: In a pure market economy, who receives Q70: In a market system, income received by Q71: In an economy based on individual decision
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents