An economist defines efficiency as:
A)the maximization of output from available resources.
B)the maximization of revenue from available resources.
C)the maximization of inputs using available resources.
D)the creation of a surplus using available resources.

Question

An economist defines efficiency as:
A)​the maximization of output from available resources.
B)​the maximization of revenue from available resources.
C)​the maximization of inputs using available resources.
D)​the creation of a surplus using available resources.

Quizplus · Accepted Answer

Efficiency in economics is defined as the maximization of output from available resources, meaning utilizing resources in the most optimal way to produce the maximum amount of goods or services. This is because resources are scarce, and efficiency ensures that the available resources are being used in the most productive manner. Options B, C, and D are incorrect as they do not accurately define efficiency in economics.

An Economist Defines Efficiency As