Ask a New Question

If an economy produces its most wanted goods but uses outdated production methods, it is

--the answer is "it is not achieving productive efficiency. But doesn't productive efficiency mean using the "least cost method of production"? So if you use outdated production method, aren't you utilizing the least cost method ?

Ask a New Question or answer this question.

Similar Questions

2. Assume that a certain simplified economy produces only two goods, X and Y, withgiven resources and technology. The following
1. 1 answer
true or false: this diagram illustrates how the development of mass production techniques affected the us economy in the 1920s.t
1. 1 answer
True or False: This diagram illustrates how the development of massproduction techniques affected the US economy in the 1920s
1. 1 answer
This diagram illustrates how the development of mass production techniques affected the US economy in the1920sthe volume of
1. 1 answer

more similar questions