Ask Question
12 June, 22:45

If productive efficiency characterizes a market

A. the output is being produced at the lowest possible cost.

B. firms use the best technology available to produce the good.

C. firms produce the goods that consumers desire most.

D. the marginal cost of production is minimized.

+5
Answers (1)
  1. 12 June, 22:55
    0
    A. the output is being produced at the lowest possible cost.

    Explanation:

    Productive efficiency is a situation where the economy or economic system can not produce any more goods without sacrificing the production of other goods. Consumers benefit from these cost-efficient methods of production. Also, essentially, productive efficiency means that the product is being produced with as few scarce resources as possible thereby enabling society to spread its scarce resources across more products.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If productive efficiency characterizes a market A. the output is being produced at the lowest possible cost. B. firms use the best ...” 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