Multiple Choice
The production technique that is most efficient is the one that produces a given amount of output
A) using the least amount of labor resources.
B) at the highest price per unit.
C) at the lowest cost per unit.
D) that yields the highest revenues.
Correct Answer:
Verified
Correct Answer:
Verified
Q53: Barter<br>A) is the major means of exchange
Q159: In a market economy, a significant change
Q160: In terms of the circular flow diagram,
Q163: Economic efficiency is the primary guide in
Q165: "For whom is a given mix of
Q166: Answer the question based on the following
Q168: Specialization is beneficial<br>A)at the individual firm level,
Q169: Suppose a firm can produce 70 units
Q172: "Consumer sovereignty" refers to the<br>A) fact that
Q259: Specialization in production is important primarily because