Technological efficiency occurs when the firm produces a given output
A) by using the least amount of inputs.
B) by using the maximum amount of inputs.
C) at the least cost.
D) at the greatest cost.
A
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Explain the concept of marginalism as it is used in economics
What will be an ideal response?
________ is a market structure in which a large number of firms compete vigorously with each other in producing and selling different varieties of a basic product.
A. Monopolistic competition B. Perfect competition C. Monopoly D. Oligopoly
Which of the following is least likely to issue commercial paper?
A) General Motors Acceptance Corporation B) A large bank holding company C) General Electric D) The U.S. Treasury
When marginal revenue is zero,
A. P = MR. B. P < MR. C. a small increase in price causes no change in total revenue. D. a small decrease in price causes no change in total revenue. E. both c and d