Efficiency implies
i. Maximum output from given input
ii. Same output from same input
iii. Given output from lesser inputs.
iv. It is not possible to get any more output from the same level of inputs
Choose correct option:

i, iii, iv

The correct answer is option 2: i, iii, iv

Explanation:

Efficiency in production means achieving the maximum possible output with given inputs or producing the same output with fewer inputs. This aligns with the following statements:

1. i. Maximum output from given input (Correct)

   • Efficiency means utilizing inputs optimally to generate the highest possible output.

2. ii. Same output from same input (Incorrect)

   • This does not indicate efficiency because it suggests no improvement in input utilization. Efficiency is about maximizing output or minimizing inputs, not simply maintaining the same level.

3. iii. Given output from lesser inputs (Correct)

   • If the same output is achieved with fewer resources, efficiency has improved.

4. iv. It is not possible to get any more output from the same level of inputs (Correct)

   • This describes productive efficiency, where resources are used in the best way, meaning no further increase in output is possible with the current input levels.