Economic efficiency is defined as:
A)the maximization of output from available resources.
B)the maximization of revenue from available resources.
C)the maximization of inputs using available resources.
D)the creation of a surplus using available resources.
E)the minimization of cost using available resources.

Question

Quizplus · Accepted Answer

Economic efficiency refers to the optimal use of resources to maximize output, ensuring that resources are allocated in the most effective way to produce the highest possible level of goods and services.

Economic Efficiency Is Defined As