ECON 1000 Lecture Notes - Lecture 13: Economic Efficiency, Economic Surplus, Marginal Cost

33) Which one of the following statements is not true? A) A production process is technologically efficient only if it is producing a given output at the lowest possible cost. B) If a process is economically efficient, it must be technologically efficient as well. C) Economic efficiency depends on the relative price of inputs, while technological efficiency does not D) Economically efficient firms will be more likely to survive than economically inefficient firms. E) Technologically efficient firms are more likely to survive than technologically inefficient firms.

37. Which one of the following statements is not true? A) A production process is technologically efficient only if it is producing a given output at the lowest possible cost. B) If a process is economically efficient, it must be technologically efficient as well. C) Economic efficiency depends on the relative price of inputs, while technological efficiency does not. D) Economically efficient firms will be more likely to survive than economically inefficient firms. E) Technologically efficient firms are more likely to survive than technologically inefficient firms.

42) Which one of the following statements is not true? A) A production process is technologically efficient only if it is producing a given output at the lowest possible cost. B) Technologically efficient firms are more likely to survive than technologically inefficient firms. C) Economically efficient firms will be more likely to survive than economically inefficient firms. D) If a process is economically efficient, it must be technologically efficient as well. E) Economic efficiency depends on the relative price of inputs, while technological efficiency does not