Business, 10.10.2019 03:10, diemiten

The key distinction between technological efficiency and economic efficiency is that technological efficiency and economic efficiency a. uses the newest available methods of production; uses the cheapest method of production b. concerns the quantity of inputs used in production for a given level of output; concerns the value of the inputs used c. occurs in larger firms that invest in research and development; occurs in firms that have a smaller scale of production d. occurs when the firm produces a given output at the least cost; occurs when the firm produces a given output by using the least amount of inputs.

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The key distinction between technological efficiency and economic efficiency is that technological e...