Ask Question
BusinessBusiness
26 August, 15:47

If an economy is producing efficiently, then a it is possible to produce more of both goods without increasing the quantities of inputs that are being used. b there is no way to produce more of one good without producing less of another good. c it is not possible to produce more of any good at any cost. d it is possible to produce more of one good without producing less of the other.

+5
Answers (1)
  1. 26 August, 16:06
    0
    The correct answer is option b.

    Explanation:

    An economy is said to be producing goods efficiently if it will not be able to produce more of a commodity using the given resources. In other words, we can say that it will need to decrease the production of one good if it wants to produce more units of the other.

    This is because of scarcity of resources, we know that in an economy resources are scarce and want and needs are unlimited. So we need to use these resources in such a way that we derive maximum utility or satisfaction from them.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If an economy is producing efficiently, then a it is possible to produce more of both goods without increasing the quantities of inputs ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
steak n fries restaurant company decision makers view a particular risk in the consumption of steak n fries profucts as open and obvious.
Answers (1)
Juliana Corporation purchased all of the outstanding stock of Caldwell Inc., paying $4,500,000 cash. Juliana assumed all of the liabilities of Caldwell.
Answers (1)
A typical mortgage term is: A. 5 years B. 72 months C. 3 years D. 20 years
Answers (1)
If the reserve ratio is 10 percent, banks do not hold excess reserves, and people hold only deposits and no currency, when the fed sells $10 million dollars of bonds to the public, bank reserves increase by $1 million and the money supply eventually
Answers (1)
TEC Partners was formed during the current tax year. It incurred $10,000 of organizational expenses, $80,000 of startup expenses, and $5,000 of transfer taxes to retitle property contributed by a partner.
Answers (1)
New Questions in Business
The total amount of money the federal government owes to its creditors is the
Answers (1)
Determine the cost of the land, based on the following data. Land purchase price $90,000 Broker's commission 7,500 Payment for the demolition and removal of existing building 2,500 Cash received from the sale of materials salvaged from the
Answers (1)
A truck costing $12,100, which has Accumulated Depreciation of $9,010, was sold for $2,010 cash. The entry to record this event would include a: -loss of $1,080. -gain of $1,080. -credit to the Vehicles account for $3,090.
Answers (1)
Yolanda buys a house in the mountains for $450,000 which she uses as her personal vacation home. she builds an additional room on the house for $40,000.
Answers (1)
Fleet Foot Shoes has been successful at differentiating itself from competitors by claiming a premium price for its athletic footwear based on superior design and high-quality materials.
Answers (1)
Home » Business » If an economy is producing efficiently, then a it is possible to produce more of both goods without increasing the quantities of inputs that are being used. b there is no way to produce more of one good without producing less of another good.
Sign Up Forgot Password?