efficiency is producing output at the lowest possible average total cost of production.

Question

efficiency is producing output at the lowest possible average total cost of production.
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Solution 1

Efficiency in production is achieved when a company can produce the maximum amount of goods or services at the lowest possible average total cost. This means that the company is utilizing its resources (such as labor, capital, and technology) in the most effective way.

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Similar Questions

efficiency is producing output at the lowest possible average total cost of production.

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