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Efficiency in production means?

Economics
JAMB 2020

Efficiency in production means?

  • 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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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