The point at which for any mix of inputs that will produce a given output, no more of any one input is used than is absolutely necessary is called:
A)Input trade-off efficiency
B)Technical efficiency
C)Total productive efficiency
D)Productivity

Question

Quizplus · Accepted Answer

The point described is called technical efficiency, which means using the least amount of inputs to achieve a given level of output. Input trade-off efficiency refers to finding the optimal combination of inputs to minimize costs while achieving a given level of output. Total productive efficiency refers to the efficient use of all resources in the production process. Productivity is a measure of output per unit of input, and does not necessarily relate to using the minimum amount of inputs to achieve a given level of output.

The Point at Which for Any Mix of Inputs That