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An output combination is technically efficient if: A) it is possible to produce more of all...

Question:

An output combination is technically efficient if:

A) it is possible to produce more of all goods.

B) it is possible to produce more of one good without producing less of another.

C) it is not possible to produce more of one good without producing less of another.

D) it is not possible to produce more of one good at any cost.

Production Inputs:

In microeconomics, production inputs refer to all the resources used by a firm to produce goods and services. Raw materials, labor, land, and capital are examples of some of the inputs that a firm can use to produce its output.

Answer and Explanation: 1

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  • The correct answer is: C) it is not possible to produce more of one good without producing less of another.

A technically efficient production point...

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Production Function in Economics: Definition, Formula & Example

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Chapter 11 / Lesson 27
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Learn about the production function. Read the production function definition in economics, learn the production function formula. Plus, see graphs and examples.


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