Firms are motivated to minimize production costs because

A) it is the most environmentally friendly way to produce goods.
B) least-cost production techniques use the smallest total quantity of resources.
C) competitive pressures in the market will drive out higher-cost producers.
D) the government provides tax credits and subsidies to low-cost producers.

Minimize Production Costs

The process of reducing the expenses associated with manufacturing products or providing services without compromising quality.

Competitive Pressures

Forces that compel businesses to compete more effectively through pricing, innovation, and improved quality to gain or maintain market share.

Higher-Cost Producers

Firms that incur greater expenses in the production of goods or services compared to their competitors, often due to inefficiencies or higher input costs.