Question: What is the difference between technical efficiency and economic efficiency? multiple choice Technical efficiency in production means that as few inputs as possible are used

What is the difference between technical efficiency and economic efficiency? multiple choice 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. 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 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 a given level of output at the lowest possible cost

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