Efficiency refers to ___________.
A) the exponential nature of costs and outputs
B) the relationship between inputs and outputs
C) increasing outputs regardless of costs
D) the additive relationship between costs and benefits

Question

Quizplus · Accepted Answer

Efficiency refers to how effectively inputs (such as labor, materials, and capital) are being transformed into outputs (such as products or services). In other words, efficiency measures the relationship between inputs and outputs, with the goal of maximizing output for a given level of input.

Efficiency Refers to ___________