Question: Question and Exercise 1 2 - 0 1 What is the difference between technical efficiency and economic efficiency? Technical efficiency in production means that the

Question and Exercise

12 - 01

What is the difference between technical efficiency and economic efficiency?

Technical efficiency in production means that the most technologically advanced machinery is used in the production of a good. Economic efficiency means using the method that produces the greatest profit for a given level of output.

Technical efficiency in production means that as few inputs as possible are used to produce a given output. Economic efficiency means using the method that produces a given level of output at the lowest possible cost.

Technical efficiency in production means that the most technologically advanced machinery is used to produce a good. Economic efficiency means using the method that produces a given level of output at the lowest possible cost.

Technical efficiency in production means that as few inputs as possible are used to produce a given output. Economic efficiency means using the method that produces the greatest profit for a given level of output.

Question and Exercise 1 2 - 0 1 What is the

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