Asked by
KAYLENDAYNE ROYER
on Dec 08, 2024Verified
The decision by firms of how to produce output is based on
A) techniques of production available.
B) the price of output.
C) the price of inputs.
D) government oversight.
Techniques of Production
The methods and processes used by firms to produce goods and services efficiently.
Price of Output
The amount of money that a firm receives from the sale of goods and services it produces.
Price of Inputs
The cost associated with the resources used in the production of goods and services.
- Ascertain the relationship between the choice of production processes and their effects on cost-efficiency.
Verified Answer
DR
Learning Objectives
- Ascertain the relationship between the choice of production processes and their effects on cost-efficiency.