Efficiency means:
A) producing output of a desired quality at the lowest possible cost.
B) producing the largest possible output of a desired quality with a given set of resources.
C) using the minimum cost inputs to produce a given amount of output of a desired quality.
D) all of the above.

Question

Quizplus · Accepted Answer

Efficiency encompasses all the given options: producing desired quality output at the lowest cost, maximizing output with given resources, and using minimum cost inputs for a given output.

Efficiency Means