Which of the following problems arises where there are more than one technically possible methods...
ECONOMICS
WAEC 2012
Which of the following problems arises where there are more than one technically possible methods of production
- A. Where to produce
- B. for whom to produce
- C. how to produce
- D. what to produce
Correct Answer: C. how to produce
Explanation
The problem of how to produce refers to selection of techniques to be used for production of goods and services. By technique we mean labour or capital intensive techniques. That is knowing the input combination to be used.
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