Which of the following describes a situation in which a good or service is produced at the lowest possible cost?
A)productive efficiency
B)allocative efficiency
C)marginal efficiency
D)profit maximization

Question

Quizplus · Accepted Answer

Productive efficiency refers to a situation in which a good or service is produced at the lowest possible cost, with all resources being used to their maximum potential. This means that an economy is producing its goods and services at the lowest possible cost, given the available technology and resources.

Which of the Following Describes a Situation in Which a Good