Efficiency can correctly be defined as

Question

Quizplus · Accepted Answer

Efficiency is about using available resources and technology to produce the maximum possible output. This means minimizing waste and producing goods and services at the lowest cost while still meeting the needs of consumers. Option A is incorrect because producing outside the production possibilities boundary means using resources and technology that are not available or not feasible, which is inefficient. Option B is incorrect because minimizing opportunity cost may involve sacrificing output or resources that could be used to produce more goods and services, which is not efficient. Option D is also incorrect because providing for the immediate needs of the greatest proportion of the population does not necessarily mean using available resources and technology to produce the maximum output, which is the essence of efficiency.

Efficiency Can Correctly Be Defined as