Productive efficiency entails___________________?
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Answer: A. Producing all output combinations in the least costly way
Explanation
Productive efficiency entails producing goods and services at the lowest possible cost. This occurs when an economy operates on its production possibilities frontier using best practices. Any point inside the frontier represents productive inefficiency and wasted resources. Achieving productive efficiency requires minimizing resource waste in manufacturing processes. It ensures that firms use the most technologically advanced and cost-effective methods. This is a core condition for economic efficiency alongside allocative efficiency.
Firms must constantly upgrade machinery and optimize supply chains to maintain productive efficiency. Intense market competition naturally forces inefficient producers to cut costs or exit. This process maximizes total societal output from limited resources. Option B describes allocative efficiency, which matches output to consumer preferences. Option C is a restrictive and incorrect definition of broad production goals. Option D is wrong because productive efficiency is precisely defined in option A.
- Subject
- Agriculture
- Category
- Agriculture
- Topic
- —
- Difficulty
- medium
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