Question: A production method must be efficient to be a least-cost method of producing Q units of output, but an efficient method need not be a

"A production method must be efficient to be a least-cost method of producing Q units of output, but an efficient method need not be a least-cost method." True or false? Why?

Step by Step Solution

3.26 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

A production method is efficient if there is no other way for the firm to pro... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

847-B-E-D-S (2736).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!