A firm that engages in efficient production
A)cannot produce the same output with fewer inputs.
B)could produce the same output with fewer inputs if it wanted to.
C)is not interested in profit maximization.
D)uses old technology to minimize costs.

Question

Quizplus · Accepted Answer

Efficient production means that a firm cannot produce the same output with fewer inputs without sacrificing the quality or quantity of the output, indicating that it is already utilizing its resources in the most effective manner possible.

A Firm That Engages in Efficient Production