Efficiency in production means?

Economics

JAMB 2020

A. reducing the size of the work force
B. producing a given output with the lowest cost of combination of factors of production
C. adoption of capital intensive technology
D. increasing the quantity of the fixed factors of production

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Correct Answer: Option B

Explanation

Efficiency of production means that an entity is operating at maximum capacity, where a firm is focused more on increasing the quantity being manufactured while reducing cost.

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