Which of the following is true?
A) Technological efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs.
B) Technological efficiency depends on the relative cost of the resources used in production.
C) If production is technologically efficient, then it must be economically efficient.
D) All of the above answers are correct.

Question

Quizplus · Accepted Answer

Technological efficiency refers to the maximum output that can be produced using a given amount of inputs. It does not take into consideration the cost of the resources used or the economic efficiency of the production process. Therefore, option A is the only correct statement.

Which of the Following Is True