Efficiency in production means?
ECONOMICS
JAMB 2020
Efficiency in production means?
- A. reducing the size of the work force
- B. producing a given output with the lowest cost of combination of factors of production
- C. adoption of capital intensive technology
- D. increasing the quantity of the fixed factors of production
Correct Answer: B. producing a given output with the lowest cost of combination of factors of production
Explanation
Efficiency of production means that an entity is operating at maximum capacity, where a firm is focused more on increasing the quantity being manufactured while reducing cost.
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