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Which of the following shows the difference between technical efficiency and economic efficiency?

a. Technical efficiency in production means that the most technologically advanced machinery is used in the production of a good. Economic efficiency means using the method that produces the greatest profit for a given level of output.

b. Technical efficiency in production means that as few inputs as possible are used to produce a given output. Economic efficiency means using the method that produces a given level of output at the lowest possible cost.

c. Technical efficiency in production means that as few inputs as possible are used to produce a given output. Economic efficiency means using the method that produces the greatest profit for a given level of output.

d. Technical efficiency in production means that the most technologically advanced machinery is used to produce a good. Economic efficiency means using the method that produces a given level of output at the lowest possible cost.

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
3 Jan 2021

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75) If a firm is to achieve technical efficiency, it will A) produce at minimum efficient scale (MES) B) produce the maximum possible output from a given combination of inputs C) have to produce as much as possible D) hire the best engineers E) install the latest machinery

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