Question

A firm that engages in efficient production

A. could produce the same output with fewer inputs if it wanted to.
B. cannot produce the same output with fewer inputs.
C. is not interested in profit maximization.
D. uses old technology to minimize costs.

Answer 1

A firm that engages in efficient production can produce the same output with fewer inputs if it wanted to.

Step-by-step explanation:

A firm that engages in efficient production can produce the same output with fewer inputs if it wanted to. This is because efficient production involves finding the least costly production technology, which allows the firm to produce the desired level of output at the lowest cost. By optimizing their production techniques, firms can minimize costs and maximize efficiency.