Efficiency is
A) defined as the time it takes to produce a product.
B) defined as the cost of inputs required to produce a given output.
C) pursued only by cost leaders.
D) measured by looking at a product's price.
E) lower when the output is high-quality.

Question

Quizplus · Accepted Answer

Efficiency is defined as achieving maximum productivity with minimum wasted effort or expense. Therefore, option B is the best choice, as it refers to the cost of inputs required to produce a given output.

Efficiency Is