Which of the following statements is true?
A. A production process is either economically efficient or technically efficient but never both.
B. A production process must always be both economically efficient and technically efficient.
C. Any economically efficient production process is always technically efficient.
D. Any technically efficient production process is always economically efficient.
Answer: C
You might also like to view...
Consumers will spend a higher proportion of a one-time bonus than they would of a permanent salary increase
Indicate whether the statement is true or false
How does competition from nonunion firms and foreign producers affect the ability of a union to increase the wages of its members?
a. Such competition makes it easier for the union to achieve wage increases. b. Such competition reduces the ability of a union to achieve wage increases. c. Such competition does not affect the ability of a union to achieve wage increases. d. Such competition will increase the strength of a union if it produces a product sold in the domestic market but will reduce the strength of the union if it produces an export product.