A technically efficient technology is one that:
A)maximizes the quantity of output produced from a bundle of inputs.
B)minimizes the cost of producing a particular level of outputs.
C)maximizes output regardless of the cost.
D)maximizes a firm's profits.

Question

Quizplus · Accepted Answer

A technically efficient technology means that it is able to produce the maximum amount of output from a given set of inputs. It is not concerned with minimizing cost or maximizing profits, but rather focuses on optimizing the use of resources to produce output efficiently.

A Technically Efficient Technology Is One That