Which of the following describes a situation in which a good or service is produced at the lowest possible cost?
A) Productive efficiency
B) Allocative efficiency
C) Marginal efficiency
D) Profit maximisation

Question

Quizplus · Accepted Answer

Productive efficiency is achieved when a good or service is produced at the lowest possible cost, using the most efficient production techniques and technology. This leads to lower prices for consumers and higher profits for producers.

Which of the Following Describes a Situation in Which a Good