Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Production and Costs

Question:
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:
Options:
i,ii
i, iii, iv
i, ii, iii
i, ii, iv
Correct Answer:
i, iii, iv
Explanation:
Efficiency is relation between inputs and outputs and can mean any of the following
i. Maximum output from given input
ii. Given output from lesser inputs
iii. It is not possible to get any more output from the same level of inputs, that is, one is producing maximum output from given inputs