Asked by Dorothy Dietrich on Jul 25, 2024
Verified
A production point is said to be efficient if there is no way for the economy to produce more of one good without producing less of another.
Efficient
Achieving maximum productivity with minimum wasted effort or expense, often in the context of economic resource allocation.
Economy
The system by which goods and services are produced, distributed, and consumed within a society or geographic area.
- Discern between production levels that are efficient, inefficient, and not feasible.
Verified Answer
JE
Joshuah EwingJul 29, 2024
Final Answer :
True
Explanation :
A production point is considered efficient if the economy is operating on its production possibility frontier, meaning resources are fully utilized and it's impossible to increase the production of one good without decreasing the production of another.
Learning Objectives
- Discern between production levels that are efficient, inefficient, and not feasible.
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