13. Which of the following statements is INCORRECT? A) If a production method is economically efficient,...
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13. |
Which of the following statements is INCORRECT? |
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A) |
If a production method is economically efficient, it must also be technologically efficient |
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B) |
The production function can change if technological improvement takes place |
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C) |
If a production method is technologically efficient, it must also be economically efficient |
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D) |
The production function shows the technologically efficient methods to produce different levels of output |
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Homework Answers
Ans) the correct option is c) If a production method is technologically efficient, it must also be economically efficient
Economic efficiency necessarily occurs when the firm produces a given output at least cost. Technological efficiency necessarily means producing without using excess inputs but not necessarily at lowest cost.
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46
Refer to Flgure 13-3. Which of the following is true of the production function (not pictured) that enderlies this total eost fometioes? ) Total output increases as the quantity of inputs increases but at a decreasing rate. ()Marginal product is diminishing for all levels of input usage. () The slope of the production function decreases as the quantity of inputs increases. mipeebre 90.075
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