Which of the following statements relates to the concept of efficiency?
A)The absence of waste.
B)Using resources as effectively as possible.
C)Being able to produce more of one good only by producing less of something else.
D)B and C only.
E)All of the above.

Question

Quizplus · Accepted Answer

Efficiency encompasses both the absence of waste (A), using resources effectively (B), and the trade-off concept where producing more of one good requires producing less of another (C). All these statements relate to different aspects of efficiency.

Which of the Following Statements Relates to the Concept of Efficiency