The production technique that is most efficient is the one that produces a given amount of output:
A. using the least amount of labor resources
B. at the highest price per unit
C. at the lowest cost per unit
D. that yields the highest revenues
Answer: C
You might also like to view...
The economic costs of forming a currency union will be lower whenever:
A) labor market integration is lower. B) labor market integration is higher. C) labor markets are not integrated. D) wage rigidities are present.
The word stagflation describes a situation in which:
a. a higher price level occurs simultaneously with higher employment b. a lower price level occurs simultaneously with economic growth. c. a higher price level occurs simultaneously with lower aggregate output. d. a lower price level occurs simultaneously with federal budget deficits. e. a higher price level occurs simultaneously with federal budget surpluses.