Technological efficiency is
A) a necessary and sufficient condition for profit maximization.
B) a sufficient but not necessary condition for profit maximization.
C) a necessary but not sufficient condition for profit maximization.
D) a theoretical construct with little connection to the real world.

Question

Quizplus · Accepted Answer

Technological efficiency is important for reducing costs and increasing productivity, but it is not sufficient for profit maximization. Other factors such as market demand, pricing strategy, and competition also play a significant role in determining a company's profitability. Therefore, technological efficiency is a necessary but not sufficient condition for profit maximization.

Technological Efficiency Is