_____________ efficiency refers to 'getting the most for the least'.
A)Technical
B)Economic
C)Allocative
D)Productive

Question

Quizplus · Accepted Answer

Productive efficiency refers to achieving the highest output possible with the given inputs or resources. It focuses on minimizing waste and maximizing output, which is essentially 'getting the most for the least'. Technical efficiency, on the other hand, refers to the use of the best available technology and methods to produce goods and services. Economic efficiency refers to the allocation of resources that maximizes the satisfaction of consumer needs and wants, while allocative efficiency refers to the optimization of the allocation of resources among different industries and sectors to achieve the best possible economic outcomes.

_____________ Efficiency Refers to 'Getting the Most for the Least