How the Entrepreneurs improve economic efficiency?
Answer & explanation
Correct answer: option 4
The correct answer is option 4- All of these.
Efficiency means to have greater output from the same input. Entrepreneurs improve economic efficiency by,
a) Improving processes, reducing wastes, increasing yield
b) Bringing about technical progress, that is, by altering labour - capital ratios. If labour is provided with good implements (capital), its productivity increases.