GK
BUSINESS MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Create maximum quality and quantity of output at the lowest cost, which maximises competitiveness.
|
|
|
Create minimum quality and quantity of output, which maximises competitiveness.
|
|
|
Create quality and and fastest output at the lowest cost, which maximises competitiveness.
|
|
|
Create minimum quality and quantity of output at the highest cost, which maximises competitiveness.
|
Detailed explanation-1: -Productive Efficiency. Productive efficiency involves producing goods or services at the lowest possible cost. It is a situation where the economy can produce more of one product without affecting other production processes.
Detailed explanation-2: -Efficiency in Production, Allocation, and Distribution To do this, they choose the combination of inputs that minimize their costs while producing as much output as possible. By doing so, they operate efficiently; when all firms in the economy do so, it is known as productive efficiency.
Detailed explanation-3: -Production efficiency, also known as productive efficiency, identifies the conditions in which goods can be produced at the lowest possible unit cost. In order to achieve production efficiency, one should utilize resources and minimize waste, which in turn, translates to higher revenues.
Detailed explanation-4: -The minimum efficient scale (MES) is when the unit cost is at its lowest possible point while the company is producing its goods effectively. MES allows a company to compete more effectively since it can produce its goods efficiently at the minimum cost per unit.